If you’re going through a divorce and need to sell your house in Wisconsin, you should know the options available to you. In this blog post, we’ll outline the process for selling a house during a divorce in Wisconsin and some of the things you should keep in mind.
What to Expect
As a first step, you should know that Wisconsin is a community property state. As a result, all property acquired during a marriage must be divided in the event of a divorce.
Community property does not include any property acquired before or during a marriage, inherited during the marriage, or left to the community by will or trust.
Additionally, community property laws can also be overturned with a premarital agreement that clearly outlines what happens to the couple’s financial assets in the event of a divorce.
How is the Property Distributed?
If a house is considered to be a marital asset, you and your spouse must decide how to dispose of it. If an agreement cannot be reached, the case must go to court.
In most cases, the Wisconsin court will rule to sell the house and split the profits equally between spouses. A court can, however, allow one spouse to keep the house in exchange for cash or other assets when selling the house may not be the most desirable outcome. There are many factors that influence who keeps the house, including who bought it, who pays the mortgage, and other expenses.
Who Gets to Stay in The House Until The Divorce is Final?
Usually, the court allows the parent who spends the most time with the children to stay in the marital home. In co-owned houses, however, neither spouse can force the other out unless domestic violence is involved and a restraining order is granted by a judge.
How to Get Started
Selling a real estate asset and splitting the profits among spouses is the easiest way to divide it. Hence, if you’re ready to begin the process of selling your house during the divorce process, there are two ways you can do it.
List the House on Your Own
If you and your partner are on good terms and communicate well, you might be able to sell the home on your own. You will need to sign a contract that specifies the terms of the sale and includes both your names on the title. Once the house is sold, you’ll each receive a portion of the profits. Furthermore, if you have experience marketing and negotiating homes, this might be a good option for you.
Hire a Real Estate Agent
A divorce real estate agent can help you if you’re not sure whether you’ll be able to communicate with your spouse. These agents are experts in assisting individuals in selling their houses during a divorce and can handle all paperwork and negotiations for you.
After you’ve agreed on an agent, they’ll help you determine a fair sale price and list your property. They’ll handle all showings and open houses after that and negotiate with purchasers on your behalf. It’s important to keep in mind that hiring a real estate agent will come with extra costs in agent closing fees.
How to Prepare The House for Sale
You should prepare your house for sale by making any necessary repairs, staging the property, and making it as attractive to potential buyers as possible, whether you hire a realtor or list it yourself. Thus, you can ensure that the property is sold for its maximum value.
Sell Your Home For Cash Quickly in Wisconsin
Divorce can make selling a home complicated and stressful. Depending on how busy you are, you may not have time or energy to negotiate with possible buyers who lowball you or wait for the sale to close. Favor Home Solutions can help you with that. We understand that this is a challenging time for you, and we want to help you get back to normal as quickly as possible. We’ll provide you with a fair cash offer so you can put this chapter of your life behind you and move forward. If you want to sell your house quickly, contact us now.
