How To Sell Your Home After A Divorce
There is only one thing more stressful than selling a home and that is going through a divorce. A recent survey found that seven in 10 people (70%) find selling or buying a home stressful, while nearly 8 in 10 (78%) find getting a divorce stressful.
So, with that in mind, you can only hope that you never have to experience selling your home, as the result of a divorce. However, with an estimated 42% of marriages ending in divorce, this nightmare will unfortunately become a reality for some.
If you are currently going through a divorce one of the first things you need to consider is your home because you both need a roof over your heads and this is a huge financial asset. So here are a few options when it comes to selling your property, to make it as quick and pain-free as possible.
Make sure you protect your home ownership rights during the divorce – which is particularly important if your husband, wife or civil partner owns the home.
If your name is on the mortgage you are liable for the whole debt, even if it’s a joint mortgage with others.
Understand how the home can be divided
Here are your options:
- Sell the home and both of you move out
- One buys the other out
- Keep the home, don’t change who owns it, one of you continues to live there
- Transfer part of the value of the property from one partner to the other as part of a financial settlement.
When choosing which option is best for you, the first thing to take into consideration is children, if you have them, and how a move could disrupt them. It may be that you choose for one parent to stay in the family home for the sake of the children, whilst the other moves out.
In this case you may go for options 3 or 4. If you choose 4, the partner who gives up their ownership right would keep a stake or ‘interest’ in the home. This means when it is sold he or she will receive a percentage of its value.
If you decide to go for the first option, where you both move out and sell the family home…
Avoid using estate agents
Estate agents can take anywhere from 65 days to 113 days to sell you home – this process will only drag out and prolong the stress and pain.
However, if you sell your house to a cash buyer such as we buy any house, you could have split the money between you and gone your separate ways in less than a week.
Why don’t you fill out the online valuation form? It only takes a few minutes, they will have an offer back to you within 24 hours and of course, you are under no obligation to continue with the sale if you aren’t happy with it.
There is an awful lot to consider when you are going through a divorce and selling your home, so ensure you do your research and make it as easy as possible. Everyone’s situation is different, but the ultimate goal is to get through with as little pain as possible.