If a couple decides to divorce, one of the first things they need to decide is what to do with the family home. Selling is not easy, but there are some ways to make it easier. In this blog, you’ll learn what you need to know if you need to sell your house in Tennessee while divorcing.
What to Expect
The first thing you should know is that Tennessee falls under the category of equitable distribution states. Unlike community property states, property, and debts shared by divorcing parties are divided fairly and equally.
In your divorce settlement, you can determine who gets the house if you and your spouse agree. If you are unable to reach an agreement, the judge will make the decision.
A judge may decide to sell the house and divide the proceeds between the two parties. There is also the possibility of one party receiving the house and the other receiving other assets of equal value.
In Tennessee, the minimum residency requirement to file for divorce is six months, and the end of a divorce is subject to a 60-90 day waiting period.
Factors that Determine the Property’s Distribution
You should keep in mind that just because one spouse owned the property before marriage doesn’t mean they get to keep it. It may be possible for the judge to assign a larger portion of value to that house. However, it is likely to remain marital property, making it subject to distribution.
In most cases, the value of the couple’s property is determined and split equally. On the other hand, the court might award one spouse a larger portion due to a variety of factors, including:
- The differences in earning capacities or incomes
- The spouses’ education and abilities
- The spouses’ debts owed and future expenses
- The age difference between spouses
- The separate property value
- The property type being divided
- The fault of one spouse for causing the divorce
Based on these criteria, the reliant and less well-off spouse usually receives a larger share of the property.
Who Gets to Stay in The House Until The Divorce is Final?
It varies from couple to couple. A spouse will often leave the home voluntarily during a divorce because they believe it is “the right thing to do.” However, neither spouse is obligated to leave the residence during a divorce. Before either party requests that kind of relief from a court, there are some important factors to consider, such as what’s best for the children (if applicable) or if the spouses are even able to continue living together without major issues.
Staying in or leaving the marital home is a crucial decision early on in a divorce. Before making any decision that might have untoward consequences on the outcome of your divorce, you should consult with an experienced divorce lawyer.
How to Sell the Home
Whether a couple jointly decides to sell or is ordered by the court to do so, they have three options.
List the House Together
If both partners communicate well and are friendly, they may be able to agree on listing the house together. A contract detailing the terms of the sale must be signed by both parties, and both names must appear on the title. When the property is sold, profits are split accordingly between the spouses.
Couples who are familiar with and knowledgeable about the home-selling process can benefit from this option since they will handle negotiations and marketing. It may be necessary, however, to repair the house if it needs to be made more appealing to buyers.
Hire a Realtor
Divorce real estate agents can help when spouses cannot communicate or collaborate. During the home selling process, they deal with all paperwork and negotiate on their behalf.
It is the agent’s responsibility to set a reasonable sales price and market the property. Consequently, they will handle all showings and open houses, as well as negotiate directly with buyers on behalf of the couple.
However, it is important to remember that hiring a real estate professional involves paying an agent closing fee after the transaction closes. Additionally, the house may still need to be cleaned and repaired for showings.
Sell the House to a Home Buyer
You can also sell the house to a home buyer who makes a cash offer and purchase it as-is. Because there are no additional fees, no third parties are involved, and no repairs are needed, this is usually a faster and easier way for couples to sell their home.
Sell My House Fast in Tennessee with Favor Home Solutions
At Favor Home Solutions, we understand how tedious it can be to sell a property during a divorce. With us, you can sell your home in a simple, stress-free, and straightforward process. Our service is free of hidden fees or extra charges. 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!