Deciding what to do with the family home can be overwhelming when going through a divorce. In South Carolina, specific laws and procedures must be followed when selling a property during a divorce. Throughout this blog, we’ll provide information to help you sell your house in South Carolina while divorcing.
Property Division in South Carolina
It is common for couples to acquire shared properties and assets during their marriages. The same assets/properties need to be divided between the couple in the case of a divorce. For this reason, property division is one of the trickiest and most complex aspects of divorce.
South Carolina is an equitable distribution state, which means that marital property is divided between spouses justly and fairly. Properties are divided into two categories: separate property and community property. Divorce courts treat different types of assets differently, so it’s crucial to know what assets fall into each category.
The property that is owned entirely by one spouse is known as separate property. Generally, it refers to properties acquired before marriage, inheritances, and gifts. Separate property assets are considered individual assets during the property division process.
On the other hand, property acquired as part of a marriage is considered community property. As a result, the couple owns all of their real estate, assets, and proceeds jointly.
Dividing Assets & Property
As long as both parties agree, South Carolina courts will usually accept any fair property and debt division arrangement. In the event that no agreement can be reached, a judge will step in and divide the marital assets equally between the spouses. Each spouse is usually entitled to their separate property.
The court will take the following factors into consideration:
- How long the marriage lasted
- Each spouse’s age and health
- Each party’s income, property, and liabilities
- Children’s custody
- Education or career advancement contributions by one spouse to the other
- Tax consequences
- Any factors that the court determines are relevant
Who Gets to Stay in The House Until The Divorce is Final?
In most cases, the parent who spends the most time with the children will remain in the marital home. It is illegal for either spouse to evict the other in a co-owned home unless domestic violence is reported.
The Process to Sell the House During Divorce
When a couple has decided to sell their house, or they are required to do so, they have three options.
List the House
The couple may be able to decide to list the house together if they communicate well and are friendly. In order to complete the sale, both parties must sign a contract and ensure that both names appear on the title. When the property is sold, the profits are divided accordingly.
Couples who know the home-selling process well can benefit from this service since they will handle negotiations and marketing. There is, however, the possibility that the couple will have to invest money into repairs if the home needs to be repaired to make it more attractive to prospective buyers.
Hire a Realtor
Real estate agents who specialize in divorce can help couples who are unable to communicate or collaborate. Professionals in this field assist people in selling their homes and handle all negotiations and paperwork.
In addition to setting a reasonable sale price, the agent is also responsible for marketing the property. Moreover, they will act as the couple’s agents and handle all showings and open houses.
Unfortunately, there is an agent closing fee to be paid once the deal closes. Furthermore, since the house must be in pristine condition for showings, repairs, and cleaning may still be needed.
Sell the House to a Home Buying Company
A home buyer can provide an instant cash offer and purchase the house as-is. Due to the absence of showings, fees, or repairs, couples usually sell their homes faster and more successfully this way.
Sell Your House Fast in South Carolina with Favor Home Solutions
At Favor Home Solutions, we understand how stressful it can be to sell a property during a divorce. For this reason, we offer a simple, stress-free, and straightforward process to get you the offer you need in no time.
When you work with us, you don’t have to worry about paying any closing costs, agent fees, or repairs- we’ve got you covered! Our fair cash offer will put money in your pocket in as little as 14 days, allowing you to embark on a new chapter in no time. Get in touch with us today!