During a divorce, selling a house can be a challenging decision for many couples. It is important to consider a variety of factors when dividing assets and finding a new home. If you’re considering selling your house during a divorce in Utah, here is what you need to know.
What to Expect
The first thing you should know is that Utah falls under the category of equitable distribution state. Property and debt shared by divorcing parties are divided in a fair and equitable manner, unlike in community property states.
It is possible to include who will get the house in your divorce settlement if you and your spouse agree on who will get it. Should you be unable to reach an agreement, however, a judge will decide for you.
A judge may decide to sell the house and divide the proceeds between the two parties. In another scenario, one party may receive the house while the other receives equal assets.
You should also know that before filing for divorce, you or your spouse must live in a single county in Utah for at least three months. Under Utah law, the petition must be filed 30 days before the decree is signed. Under extraordinary circumstances, a party may request a waiver of the waiting period.
How is Property Distribution Determined?
Most properties are considered marital property regardless of whether they were acquired before or during the marriage. If both parties cannot reach an agreement, the case goes to trial, where a judge can order the sale.
In Utah, 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 such as each spouse’s earnings, contribution to the marriage, and needs.
Who Gets to Stay in the House?
In cases where children are involved, the custodial parent will likely be ordered to stay in the house. In general, it is considered in the child’s best interest to have stability and continuity in their lives. Those without children will have a variety of factors to consider when determining who stays in the house. Among these factors are the spouses’ incomes, employment histories, and mortgage repayment ability.
Getting The Process Started
Real estate assets are usually divided easiest by selling them and splitting the proceeds. There are two ways you can sell your house during a divorce if you’re ready to do so.
List the House on Your Own
Listing the house, showing it to potential buyers, and negotiating a price is all part of the typical home-selling process.
As soon as you find a buyer for your home, it’s time to start negotiating. Being firm in negotiations is important, but being flexible is also key. Remember that the goal is to get the best possible price for your home, so don’t be afraid to walk away from a deal if it’s not in your best interest.
When the property is sold, you and your spouse will divide the proceeds according to the divorce settlement. Although time-consuming, this may be a great option for you if you’re familiar with and comfortable with the home-selling process.
Sell the House with a Realtor
In most cases, people will hire a real estate agent to handle the sales process and negotiate on their behalf. The only downside to working with a real estate agent is the extra fees associated with paperwork and closings. There are also more people involved in the divorce process, as paperwork must pass between both parties, as well as the buyer and the real estate agent.
How to Prepare The House for Sale
Whether you list the home yourself or hire a realtor, you should take some time to get the house ready for sale. This involves making any necessary repairs, staging the home, and making it as presentable as possible for potential buyers. Your home will be valued at its best price if you follow these steps.
Avoid The Hassle By Selling The House For Cash
At Favor Home Solutions, we know that the last thing you want to worry about during your divorce process is selling your home. We buy houses as-is and provide you with a fair cash offer so you can avoid extra expenses and put money in your pockets in as little as 14 days. Best of all, we can close based on your preferred timeline and pay for all closing costs! Are you ready to sell your house fast and put this chapter of your life behind you? Contact us today!
