Divorced couples have to decide what to do with the family home as soon as one of the first steps in the divorce process. The process of selling a home can be complex, but there are a few ways to ease the process. If you’re in Washington and need to sell your house during a divorce, here’s what you need to know.
What to Expect
First, you should know that Washington is considered a community property state, which means all marital assets must be split equally in the event of a divorce.
Community property does not include property acquired before marriage or during a legal separation. Also not included are gifts of property, inherited property during the marriage, and property passed by will or trust.
Moreover, couples can avoid community property laws if a prenuptial agreement specifies what will happen to the couple’s financial assets in the event of a divorce.
Determining Property Distribution
When the house is considered a marital asset, you and your spouse must agree on what will happen to it. If an agreement isn’t reached, the case needs to go to court, where a judge decides the outcome.
In most cases, a Washington court will rule to sell the house and divide the profits equally between spouses. Nonetheless, in rare cases where selling the house may not be the most desirable outcome for the couple, the court may allow one spouse to keep the house in exchange for cash or other assets. Among the factors that influence the decision to keep the house are who purchased it, who is paying the mortgage and other expenses, etc.
Who Gets to Stay in The House Until The Divorce is Over?
The court usually allows the parent who spends the most time with the children to stay in the marital home. Unless domestic violence is involved and a restraining order is issued by the judge, neither spouse can force the other to leave a co-owned house.
Getting The Process Started
Usually, the easiest way to divide the real estate asset is to sell it and split the profits. So if you’re ready to begin the process of selling your house during the divorce, there are two ways you can go about it.
List the House Yourselves
When you and your spouse are able to communicate without too much conflict, you may be able to agree to list the house on your own. Ensure that both your names appear on the title and sign a contract outlining the sale’s terms. Once the house is sold, you’ll each get your share of the profits and can move on with your lives.
You may benefit from this option if you know how to market and negotiate a house, as you will be responsible for marketing and negotiating the sale.
Sell Through a Divorce Real Estate Agent
You can hire a divorce real estate agent if you’re not confident about your ability to communicate and work with your spouse. These agents are specially trained to help people sell their homes during a divorce and can handle all the paperwork and negotiations for you.
You’ll find an agent you both feel comfortable with, and they’ll help you decide what to price the house at. After that, they will handle all showings, open houses, and negotiations with buyers. However, keep in mind that hiring a real estate agent involves additional expenses in agent closing fees and paperwork.
How to Prepare The House for Sale
Whether you hire a realtor or list the house yourself, it is important to make any necessary repairs, stage the property, and make it as appealing as possible to potential buyers. By doing so, you can guarantee that you get the best possible price for the house.
A Quick & Easy Alternative: Sell Your Home For Cash in Washington
At Favor Home Solutions, we understand that selling a property during a divorce is a complicated and time-consuming process. We buy houses as-is and give you a fair cash offer in as little as 14 days so you can avoid any fees and put money in your pocket as soon as possible. What’s more, we can close based on your preferred timeline, and we take care of any closing costs! Are you ready to sell your home quickly and put this chapter of your life behind you? Get in touch with us now!
