Are you in the process of getting divorced and need to sell your house in Nevada? If so, you’re not alone. Divorces involving a home make up about a third of all divorce cases, according to the American Academy of Matrimonial Lawyers. Luckily, there are a few things you can do to make the process easier. In this blog post, we’ll go over the process of selling your house while divorcing in Nevada.
Divorce & Property Division in Nevada
It is common for couples in Nevada to acquire assets and property while they are married, which they can sometimes share. In the event of a divorce, however, the couple will have to divide their assets between them. For many couples, the property division procedure may be the most challenging part of the divorce process.
Divorces, assets, and property in Nevada are usually divided into two categories: separate property and community property. Since each property type is handled differently during the divorce process, it’s crucial to understand what assets fall into each category.
Separate Property
Simply put, separate property refers to those assets that belong solely to one spouse. These include properties acquired before the marriage, inherited properties, or donations made to one spouse. As part of the property division process, any assets acquired using the separate property are usually considered separate.
Community Property
Conversely, property or assets acquired during the marriage are considered community property. This also includes any properties or assets jointly given to the couple and any proceeds accrued from them.
Dividing Assets & Property
Unless they have a contract (prenuptial agreement) that stipulates otherwise, Nevada couples are subject to the state’s community property law once married. Each spouse contributes to the accumulation of the community property, according to the Internal Revenue Service. For that reason, if they divorce, they will each receive an equal share of the property.
In this situation, the couple must decide what should happen to the property. When there is no agreement, a judge will divide assets and community property, according to the Nevada State Bar Association.
A couple’s community assets and property will usually be valued first by the court. Afterward, the assets are divided equally between the spouses. In some instances, the court may order that certain assets are sold, so the proceeds are split equally between the spouses. During the property division process, each spouse typically retains their separate property.
Who Gets to Stay in The House Until The Divorce is Final?
Divorced couples may live together in the same house as long as the divorce is pending, but one spouse may exclude the other under delicate scenarios. If necessary, you can obtain a temporary injunction after initiating a divorce.
The Process to Sell the Home
To divide a real estate asset, the best way is to sell it and split the profits. When you are ready to begin the process of selling your house, there are three ways you can do it.
Generally speaking, most couples have three options when it comes to selling the house. They can choose to list it themselves, hire a realtor, or sell the house to a home buyer.
Listing the House Yourselves
In the case of a friendly relationship and no fights, you and your spouse may be able to agree to list the house yourself. You’ll have to sign a contract stating the terms of the sale and make sure both of your names appear on the title. Profits will be divided between you when the property is sold.
If you are familiar with the home-selling process and feel comfortable handling negotiations, this can be a good option for you. To make a good impression on buyers, you may need to invest a couple of thousand dollars in repairs.
Hiring a Realtor
If you’re unsure how to communicate with or collaborate with your spouse, you can hire a divorce real estate agent. All the paperwork and negotiations can be handled by these professionals, who are specially trained to help people sell their homes during a divorce.
The agent you choose will work together with you to determine a reasonable selling price and put your home on the market. They’ll subsequently handle all showings and open houses and negotiate directly with purchasers on your behalf.
Keep in mind, though, that hiring a real estate professional includes paying an agent closing fee when the deal is closed and investing money in the house as needed for showings.
Selling the House to a Home Buyer
The third option involves selling the house to a home buyer that will provide you with a cash offer and buy the house as-is. Due to the lack of showings, additional fees, and the necessity to make repairs to make the property more appealing to buyers, this process is usually quicker and hassle-free.
Favor Home Solutions Has Your Back If You Need to Sell Your House Fast in Nevada
At Favor Home Solutions, we know that selling a property during a divorce can be a difficult and frustrating process. We’re all about making the process of selling your home simple and stress-free. Forget about paying additional fees or worrying about additional costs- we’ve got you covered! We’ll provide you with a fair cash offer so you can put money in your pockets in as little as 14 days and start your new life. Contact us to get started!
