Are you in the process of getting divorced and having to sell your house in Texas? If so, you’re not alone. Approximately one-third of all divorce cases involve a home, according to the American Academy of Matrimonial Lawyers. Luckily, there are a few things you can do to ease the process. In this blog post, we’ll go over the process of selling your house while divorcing in Texas.
Divorce & Property Division in Texas
During a marriage, many couples acquire assets and property, which they sometimes share. The couple must, however, divide any assets they have between them in case of divorce. As such, many couples find the divorce property division process to be the most challenging part.
When it comes to property division in Texas, divorces, assets, and property are usually classified into two categories: separate property and community property. Since each type of property is handled differently during the divorce process, it’s essential to know what assets fall into each category.
Separate Property
In simple terms, separate property refers to those assets that belong solely to one spouse. It includes properties acquired before the marriage, inherited properties, and donations made to one spouse. During property division, any assets obtained using the separate property are also considered separate.
Community Property
In contrast, any assets or properties acquired during the marriage are considered community property. Also included are any assets or properties the couple acquired jointly and any proceeds they earned.
Dividing Assets & Property
In the absence of a contract (prenuptial agreement) that stipulates otherwise, Texas couples are subject to the state’s community property law when married. As a result, both spouses contribute to the accumulation of their community property, according to the Internal Revenue Service. Due to this, both have an equal claim on the property in case of divorce.
It’s up to the couple to decide what to do with the property at this point. If an agreement can’t be reached, a judge will order the division of assets and community property, according to the Texas State Bar Association.
A couple’s community assets and property will usually be valued first by the court. The community assets are then split between the spouses so that each gets half. A court may order the sale of certain assets so that the proceeds can be split equally between the spouses. During the property division process, each spouse usually keeps their separate property.
Who Gets to Stay in The House Until The Divorce is Final?
While a divorce is pending, both spouses have the right to live in the house, but sometimes one spouse can exclude the other. A temporary injunction can be obtained after you initiate a divorce if necessary.
The Process of Selling the Home
In theory, the best way to divide real estate assets is to sell them and split the profits. There are three ways to proceed once you reach an agreement or you’ve been ordered to sell your house.
List the House Yourselves
It may be possible to list the house yourself if you are friendly and are able to communicate without fighting. Both of your names must appear on the title, and you must sign a contract stating the terms of the sale. When the property is sold, each of you will receive a portion of the profit.
You can also consider this option if you’re familiar with the home-selling process since you’ll be in charge of marketing and negotiating the sale. If your home needs a tune-up to impress buyers, you may need to spend a couple of thousand dollars on repairs.
Hiring a Realtor
If you have trouble communicating with or working with your spouse, you could hire a divorce real estate agent. These professionals are specially educated to assist people in selling their homes during a divorce and can handle all the paperwork and negotiations.
The agent you choose will work together with you to determine a reasonable selling price and put your home on the market. As a result, they will handle all showings and open houses as well as 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.
Sell the House to a Home Buyer
The third option involves selling the house to a home buyer that provides a cash offer and buys the house as-is. This process is usually quicker and hassle-free as you don’t have to worry about showings, additional fees, or spending money on repairs to make the home more appealing to buyers.
Favor Home Solutions Has Your Back If You Need to Sell Your House Fast in Texas
At Favor Home Solutions, we understand that selling a property during a divorce is already a complicated and tedious 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!
