Divorce is not easy. Even if you and your spouse mutually feel that divorce is what you both want entirely, the process will not get any easier. This is especially true when you’ve got multiple conjugal properties that you need to sort before parting ways. If you find yourself tangled in this kind of situation, asking for professional help will be worth more than the stress you’ll go through if you sell your properties on your own.
So in this article, we try to break down some fast facts that you need to be aware of if you’re thinking of selling your marital home before, during, or after your divorce.
Where Should I Start?
If your property is conjugal — both your names are on the title — selling a home might be a little more complicated since you’ll need to agree on certain things. You’ll need to sit down with your spouse, preferably with a real estate attorney, to discuss how you will go about the home selling process.
We don’t recommend only discussing details between you and your spouse. It would be best to have a witness over and put everything on paper.
With this said, here are some things that you need to decide on:
- How will you divide the personal stuff inside?
This includes your furniture, design items, tools and equipment, and other things you bought together as a married couple. Stuff you bought for yourself are not included; however, if a spouse bought something for the other, you’ll have to agree to return it or not. Big and valuable stuff can be sold for profit, so the possibility of conflict over these items is potentially high between divorcing couples.
- How will you divide the profits of the sale?
If you both can’t agree on splitting the profits, the court will do it for you. So if you can, try to discuss this and come to an agreement before it reaches court.
- Who will continue living in the home?
Unfortunately, the chances of selling any house overnight are slim, wherever you are in the world. You have to decide who gets to stay in the house while waiting for a buyer. You can both, of course, remain in the house together while waiting, considering that both spouses agree.
- Who will continue to pay for the mortgage while waiting for a buyer?
If you decide only one spouse gets to stay in the house while waiting for a buyer, who will continue paying the mortgage?
- What repairs should you make before selling the home, and who pays?
If you want to increase the value of your home and help sell it faster, repairs and renovations are the way to go. You can make strategic home improvements that are on-demand and proven to increase a property’s value.
- Who pays for the selling costs?
Selling a house has its costs. Although, if you hire a really good broker, you can pay them and all the closing costs upon receipt of the downpayment or sale.
- Which broker will you hire to sell the house?
Going through a divorce, you and your spouse might already have plenty of conflicting views. You might have the perfect broker in mind, and your spouse might also have their ideal broker in mind. You’ll have to talk about the pros and cons of options already and make sure that the broker has experience dealing with divorcee real estate. This way, you and your spouse would be able to make a well-informed decision, setting emotions aside.
- How much will you sell the house for, and who gets to decide when a price change will be implemented?
This is the importance of bringing in a good broker. They will serve as your logical tie-breaker if you and your spouse can’t decide on a price point.
Real Estate Division During Divorce in Georgia
Georgia follows the Equitable Division rules. Once the court officially identifies which properties are marital and separate, the judge will decide who gets what based on what they believe is fair. For example, a spouse who was granted custody of the children may have a greater chance of receiving the house. However, if both you and your spouse don’t have the financial capacity to continue paying the mortgage, the court has the authority to sell the house and split the proceeds between you too.
What If the House Doesn’t Sell for a Long Time?
While plenty of houses stay on the market (or off the market) for years, you don’t have to follow the same fate. There are tons of ways to sell your Perry house fast and one of which is to sell to a professional home buyer like Spire Property Solutions. We can create an offer for you within two days or less and close a deal within 7-14 days. Learn about how our program works and leave those worries away. Contact us at (678) 318 – 1801, and let’s see how we can help