When divorce is on the horizon, most couples will agree that they need to decide what to do with the house. The decision of who gets what property can be extremely difficult and often needs to be settled in court. There are many different ways you can deal with your home during divorce proceedings, but here are some simple guidelines that might help you make this tricky decision.
Divorce is an unpleasant topic. But, unfortunately, divorce happens all the time. There are many reasons why divorce may be in your future, but hopefully you will not have to deal with all of this on your own during divorce proceedings.
When it comes down to divorce negotiations and dividing assets between two people who no longer love each other can often lead into some very sticky situations. When divorce happens, most married couples agree that deciding what would happen with the house is an important part of any divorce settlement agreement.
Divorce property division is usually dictated by state law. In San Antonio Texas there are also many different factors that play into a divorce settlement agreement and how assets will be divided once marital status have been terminated.
Divorce can often become very complicated depending on who wants what possessions throughout divorce proceedings, but…
How Property is Awarded in a Divorce, in San Antonio and Texas State?
1. Pre-marital property
If one spouse owned a home or purchased it before marriage, then this house would be considered pre-marital property and therefore not subject to division during divorce negotiations.
However there are some other things you need to take into consideration, if at any point during your marriage you decided to refinance your mortgage and added your partner’s name to the deed or purchase additional real estate then your spouse may legally entitled to a share of your property.
Also if you made mortgage payments on your property with marital money then you may be entitled to share your property’s equity with your spouse. Another important consideration is If your former partner used their skills or assets to complete home renovation projects, they’ll also be entitled to a share of your house’s equity.
Divorce can become very complicated depending on who wants what possessions throughout divorce proceedings.
2. Marital property
If you acquired property with your spouse, both of you will be entitled to a share of it. Most times, former spouses choose to split ownership of any assets accumulated throughout the marriage 50/50. However, if you have a good reason to believe you should be given more than half of a marital property, it’s worth hiring an expert. The state of Texas considers your personal circumstances when determining how much of a marital property is split between divorcees.
If you and your former spouse are both legally entitled to a portion of your marital property, the easiest way to divide it up is to sell your house. If your relationship came to an end on bad terms, it may be difficult to co-own a home with your ex-spouse.
Here Some Options of How to Deal With the House
Keep the house
If you all decide one spouse should keep the house, then divorce proceedings will be a lot easier for both of you. One spouse has a place to live and the other can search for a new place. This can be really beneficial if you have kids and want to make sure their lives are disrupted as little as possible.
One consequence of this decision is figuring out which spouse gets to keep the house can trigger a variety of arguments about the divorce process. Sometimes it’s best to have a neutral third party help you with this, especially if there are kids involved.
Sell the House on the Market
Another option is for one of you to buy out your former spouse’s share in the property or sell it on the market and split proceeds. Either option will have a lot consequences, here you are talking about a process that can take months to complete, not just by listing the house but by preparing it for the sale, hiring a real estate agent, etc… you know this is already a complicated process and if you are planing on doing it with your partner, it may not be the best and easiest project you both would like to get into.
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7 Things to Know Before Singing a Real Estate Listing Agreement
Rent out the House
This is a pretty common solution to the problem, but it has drawbacks. If you decide to rent out your house you could create a stream of revenue for one ex-spouse, or potentially both ex-spouses if each of you retains ownership. This rental revenue might help at least one ex-spouse cover post-divorce household expenses. It also means no one in the family has to continue living in a house with emotional baggage.
On the other side, managing and owning a rental property is a full-time job in its own,Being a landlord may be profitable, but dealing with tenants is a burden. If both of you wind up owning the house after the divorce, you all have to decide which party is going to be the landlord, or whether you divide those duties. Keep in mind that after a divorce, experts discourage joint ownership of a property. You can’t sever financial and emotional ties if you share ownership.
Sell the House Off Market
When you sell your house to an off-market buyer, you avoid the middleman and expedite the process. Also if you all go this route you both will likely end up with more proceeds out of the sale. Not to mentions that when you sell to an Investor, you do not have to handle the process or pay any fees. This is the most convenient way to sell your house if you are facing divorce in San Antonio Texas.
Read More:
Selling to An Investor vs Listing with a Real Estate Agent
A House Buyer also has more experience dealing with these kind of sales, during COVID divorce rates went to all time high and here at We Buy Texas Houses Now were able to help out a lot of people going thru divorce, not just by buying their house in their time frame but also by giving them different options they can choose from.
One of the comments we heard the most from our costumers is “I just want to Sell the house fast and move on” and we understand why, so we created a really easy and fast process to accomplish the sale of your house during divorce.
Give us a try! You will be happy you did!