Divorced couples must decide how to deal with their family home as the first order of business. The divorce process can make selling a house challenging, especially when the situation is complicated, but there are a few steps you can take to reduce the hassle and stress. In this blog, we outline what you need to do if you are divorcing in Oregon and need to sell your house.
Property Division in Oregon
Generally, a couple will share the assets and property they acquire during their marriage. When divorce is on the table, these assets and property must be divided. As a result, property division is one of the most problematic aspects of divorce.
Oregon has two types of property division: separate property and community property. Each type of asset is handled differently during divorce, so knowing what assets fall into which categories is crucial.
Separate property pertains to assets and property possessed by one spouse alone. This category includes any property acquired prior to marriage, gifts, or inherited properties received by one spouse. Each asset acquired with separate property will usually be treated as a separate asset during property division.
On the other hand, community property is any property owned jointly by the couple. As a result, both parties own the real estate, assets, and proceeds derived from them equally.
Dividing Assets & Property During Divorce
Typically, most properties are considered marital properties whether they were acquired before or during the marriage. In the event that both parties cannot reach an agreement, a judge can order the property to be sold at trial.
In Arkansas, the distribution of property is determined by a process called equitable distribution. This means that the court will divide the property fairly and equitably, taking into account factors like each spouse’s earnings, contributions to the marriage, and needs.
Who Can Stay in The Home Until The Divorce is Final?
It is usually the parent who spends the most time with their children who gets to stay at home. In any case, spouses cannot be evicted from co-owned properties unless domestic violence is involved.
How to Sell The House
The property asset should be sold, and the profits should be shared equally. Couples have three options when selling their house.
When couples are friendly and communicate well, it may be possible to list their house together. The sale contract must be signed by both parties, and the title must have both names. Once the property is sold, the profits are divided equally between the spouses.
This option may be more appealing to couples who are experienced in selling homes, as they will handle the negotiations and marketing themselves. To make the house more appealing to buyers, it might be necessary to invest in repairs.
Hire a Real Estate Agent
When spouses cannot communicate or collaborate, divorce real estate agents can assist. All paperwork and negotiations are handled by the realtor when selling a home.
In addition to setting a fair price, the agent must also market the property effectively. A couple’s agent coordinates all showings and open houses on their behalf and negotiates directly with prospective buyers.
However, after a home is sold, realtors charge a fee. Furthermore, showings require the house to be in excellent condition, so repairs and cleaning may still be necessary.
Sell the House to a Home Buyer
Last but not least, the house can be sold to a cash buyer who will buy it as-is. There are no additional fees, no third parties involved, and no repairs needed, so this is usually a faster and easier way for couples to sell their homes.
Sell My House While Divorcing in Oregon Quickly
At Favor Home Solutions, we know how stressful and challenging it can be to sell your home during a divorce. We’re here to make selling your home as simple, hassle-free, and smooth as possible. We don’t charge hidden fees or any additional charges, so you do not have to worry about spending extra money! With our fair cash offer, you can start a new chapter in your life as soon as 14 days from now. Get in touch with us today!