Going through divorce can be emotionally and financially draining. As you navigate the uncharted waters of divorce, you are likely to have questions about how to protect yourself and your assets. At the top of the list is: how do I sell my house while going through a divorce? To answer that question, you need to do a lot of research and planning. Below are some steps you can take to make sure the process goes smoothly.

To Sell Your Home or Not to Sell?  

Whether you decide to keep or sell your home depends a lot on what you expect to happen as a result of the divorce. If you are worried about the effect of your divorce on your net worth and whether or not you will be able to retire comfortably, then you might sell your home. If you are worried about how your divorce proceedings will affect your assets and savings, it might be a good idea to sell your primary residence. 

On the other hand, if you are expecting to receive a fair amount of spousal support, and you will not be moving out of state, it may be more practical to keep the home. This is also the case if you have children. 

Consider Appeals

If you have children, your divorce settlement may be subject to a legal appeal. In the case of a child support settlement, you will want to make sure that you account for the value of your home. If you sell your home, you may have to share the profits with your ex. Also, if you own the home jointly with your spouse, the divorce settlement will take into account the value of the home if you decide to sell it. That being said, selling the home may be more a hassle than it is worth.

Settle on a Price

If you decide to sell the home, you will want to determine its value. One way to determine the value is to look at recently sold homes in your area. You can also speak to a real estate agent or appraiser to determine the value of the home. You can also do an appraisal yourself; however, this may not be the best option. If you have already decided on a sales price and have a comparative market analysis, you are less likely to be appealed.

Consider the Expense

Before selling your home, you will want to understand the expenses related to the sale. If you are selling for cash, you will have to pay for the real estate agent’s commission and the costs of staging the home and cleaning it up. If you are selling for cash and are planning on using the proceeds to purchase another home, there will be closing costs as well. If you are planning on selling your home and renting, you will have to consider how much it will cost to find a renter, move, your belongings, and then find another home.

Keep Emotions out of the Equation

You may be tempted to inflate the value of your home to ensure a better return on the house, but this is not a good idea. You need to be honest with yourself and your soon-to-be ex about the value of the home and the amount you are expecting in spousal support. Not only will this allow you to reach an agreement about the wealth you have to split, but it will also prevent you from trying to appeal the divorce settlement later. If you are being compensated for the value of the home, you may want to consider an appraisal that is not as favorable.

Conclusion

Selling your home while going through the divorce process can be tricky. By implementing the steps above, you can ensure that the sale of your home will be smooth and that you will not have to face any legal challenges later.

Greenlight Offer is a team of trusted Texas cash home buyers that buy houses in any condition, any situation. We make it easier for you to sell your house fast and for cash. Get in touch with us today to learn more! 

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