If you’re facing a divorce, you’ve got a lot of things to sort out — one major piece being who ends up with the house. If you know you or your soon to be ex will want to part ways with the home, a solution may be easily met. Below, we discuss the two different scenarios to help you better understand what works for your situation.
Selling Before The Divorce
Not worrying about dealing with who gets what after the divorce is a major reason you may want to sell the home before signing on the dotted line. It allows you to secure a lump sum of money that you can easily split in half without any disputes. Being able to walk away from the divorce without a high-priced asset like a home can create a sense of relief as you start the next chapter of your life. It’ll also allow you to write off the maximum amount on your taxes for that calendar year. Please confirm this with a licensed tax professional before proceeding.
Selling After The Divorce
Now, selling immediately after your divorce may not be an option as your home may be the only option you have to live or uprooting your kids from their school and friends may not be a great choice. If that’s the case, you’ll obviously need to sit on the home and wait to sell it if and when you’re ready. If you are in a place to sell and you plan to do so after the divorce, you can maximize your return and reap greater profits by allowing the home’s value to increase. Keep in mind that while you may make more in profit from the deal over the long run, some states have alimony laws that prevent you from keeping all of the money for yourself.
The Best Option
While there isn’t a one-size-fits-all option, chances are selling your home before the divorce is your best solution. It allows you to evenly split the cash and start off without having to worry about anything from the past.
Sell Your Home Quickly For Cash
Whether you’re looking to sell your home before or after a divorce, the team at Rise Realty are experienced in making selling your home for cash simple and painless. Our team of real estate experts are available and ready to provide you with a free, no-obligation cash offer for your home. We buy homes as-is, so there’s no need to worry about repairing or improving the structure, making it an ideal way to sell a home at the center of divorce. Give us a call today at (972) 433-0236 or submit a cash offer request here.