If you’re going through a divorce and need to sell your house, it’s important to know what your options are. In this blog post, we’ll outline the process for selling a house during a divorce in New Mexico, as well as some of the things you should keep in mind to comply with state laws.
What to Expect
First, you should be aware that New Mexico is a community property state, which means all marital assets must be divided evenly in the event of divorce. A property acquired before marriage or during a legal separation, an inherited property acquired during the marriage, or a property acquired by will or trust is not considered community property.
Additionally, it is possible to invalidate community property laws by presenting a premarital agreement that outlines what happens to the couple’s assets during divorce.
How is the Property Distributed?
You and your spouse must decide what to do with a house that is considered a marital asset. The case will go to court if an agreement cannot be reached.
In most cases, the New Mexico court will rule to sell the house and split the profits equally between spouses. In cases where selling the house may not be the best outcome, the court may allow one spouse to keep the house in exchange for cash or assets. Among the factors influencing who keeps a house are who bought it, who pays the mortgage, and so on.
Who Gets to Stay in The House Until The Divorce is Final?
Usually, the court allows the parent who spends the most time with the children to stay in the marital home. Unless domestic violence is involved and the judge issues a restraining order, neither spouse can force the other out of the co-owned house.
How to Get Started
In general, spouses can divide a real estate asset by selling it and dividing the profit. Hence, if you’re ready to begin the process of selling your house during the divorce process, there are two ways you can do it.
List the House on Your Own
You might be able to reach an agreement with your partner where you sell the home on your own if you and your partner are on good terms. Both of your names will appear on the title, and you will have to sign a contract detailing the terms of the sale. Once the house is sold, you’ll each receive a portion of the profits. You may also find this to be an attractive option if you have experience marketing and negotiating properties.
Hire a Real Estate Agent
It is highly recommended that you hire a divorce real estate agent if you are not sure if you and your spouse will be able to communicate effectively. These agents are experts in assisting individuals in selling their houses during a divorce and can handle all paperwork and negotiations for you.
When you’ve found a real estate agent you both like, they’ll help you set a fair price and market your home. Following that, they will handle all showings and open houses on your behalf and negotiate with buyers. Keep in mind, though, that hiring a real estate agent comes with additional charges for agent closing fees and paperwork.
How to Prepare The House for Sale
You should prepare your house for sale by making any necessary repairs, staging the property, and making it as attractive to potential buyers as possible, whether you hire a realtor or list it yourself. By doing so, you can guarantee that you will receive the highest possible price for the property.
Sell Your Home For Cash Quickly & Hassle-Free
It can be difficult and stressful to sell a home during a divorce. Your time and energy may not allow you to deal with potential buyers who lowball you. That’s where Favor Home Solutions can help. We recognize that this is a difficult time for you, so we want to help you move forward as soon as possible. We’ll provide you with a fair cash offer so you can put this chapter of your life behind you and move forward. If you want to sell your house quickly, get in touch with us now.