For many couples going through a divorce, selling a house can be a challenging decision. Divorcing assets and finding a new home require consideration of many factors. If you are contemplating selling your house during a divorce in Nebraska, here is what you need to know.
What to Expect
The first thing you should know is that Nebraska is an equitable distribution state. Different from community property states, divorcing parties divide up property and debts in a fair and equitable manner.
It is possible to include who will get the house in your divorce settlement if you and your spouse agree on who will get it. Nevertheless, if you cannot reach an agreement, a judge will make the decision for you based on several factors.
It is possible for the judge to order the sale of the house and divide the proceeds between the parties. There is also the possibility of one party receiving the house and the other receiving other assets of equal value.
In Nebraska, the minimum residency requirement to file for divorce is twelve months, and the end of a divorce is subject to a 60-day waiting period.
Factors that Determine the Property’s Distribution
It’s important to keep in mind that just because one spouse owned the property prior to marriage does not necessarily mean that person gets to walk away with it. There is a possibility that the judge may assign more value to that house. In any case, it will likely still be considered marital property, making it subject to distribution.
It is common for couples to have their property valued and divided equally. In contrast, a judge may award a spouse a larger portion based on a variety of criteria, including:
- The differences in earning capacities or incomes
- The spouses’ abilities and education
- The debts and expenses of the spouses
- The age difference between spouses
- The value of separate properties
- The property being divided
- The cause of divorce
Based on these criteria, a spouse who is more dependent and less well-off usually gets a larger share of the total assets.
Who Gets to Stay in the House?
In Nebraska, both spouses have an equal right to the marital home until a court issues an order for sole possession of the property. Before the entry of this order, neither party is allowed to claim exclusive control over the marital home.
It is important for spouses to resist controlling behavior or moving out of the marital home before the court rules. Early moves out can be used as evidence of the spouse’s financial resources.
Getting The Process Started
In the event that the court orders you to sell the house, you must list it for sale and follow the typical home-selling process. This includes listing the house, showing it to potential buyers, and negotiating a sales price. After the home is sold, you will need to pay any outstanding mortgage debts and divide the proceeds according to your divorce agreement.
Preparing The House for Sale
Before you list your home for sale, there are a few things you need to do to prepare it:
- Make any repairs that are necessary. This will help increase the value of your home and make it more attractive to potential buyers.
- Declutter and stage your home. This will make it look more inviting and help potential buyers see its potential.
- Do your research. To price your home correctly, you should research its market value.
You should be prepared to negotiate with buyers and their agents once your home is on the market. It is important to remember that you are not obligated to accept the first offer you receive. You should take your time and counter any lowball offers you receive. The price, repairs (if any), and date of closing should also be negotiated.
Finalizing the Sale
Upon accepting an offer, you will need to sign a purchase agreement and work with the buyer’s agent to schedule a closing date. After closing, you will need to hand over the keys to the buyer and move out.
Sell Your House For Cash with Favor Home Solutions
In the midst of a divorce, it can be complicated and hectic to sell your house. The last thing you want is to deal with lowballing buyers or those who take forever to make an offer. That’s where Favor Home Solutions comes in. We understand that this is a difficult time for you, and we want to help you move on as quickly and efficiently as possible. We will give you a fair cash offer so you can put this chapter of your life behind you and start fresh. If you are ready to sell your house fast, contact us today.