Going through a divorce is difficult, but separating assets can make it even harder. Luckily, there are ways to make selling your marital home as stress-free as possible.
In some cases, the couple can’t agree on a divorce property settlement. When an agreement can’t be reached, it’s common for a judge to make the decision. More often than not, this means that neither person is happy with the outcome.
Many couples decide to separate due to financial factors. Unfortunately, financial difficulties could also mean that the couple has been struggling to make payments on their home. If this is the case, the divorced couple might be going through a pre-foreclosure stage and is about to lose their home. Splitting marital property is made infinitely harder when foreclosure is imminent.
When a divorce happens, one ex-partner might own the matrimonial house while the other is still listed on the mortgage. If the homeowner doesn’t change the name on the mortgage, the other partner could be forced to continue making payments.
No matter what happens during a divorce, the fastest way to sell a shared home is through a real estate investor. Austin Cash House Buyer has helped countless divorced couples with the quick sale of their homes in Austin, Texas and the surrounding area. Our expertise makes the process efficient and stress-free.
Our experience as real estate investors means that you can sell your property fast. You can expect the entire process to be complete in as little as 3-30 days.
When you work with one of our investors, you don’t have to waste time and money on costly repairs. We make the division of assets after a divorce easier by buying your house as is no matter it’s condition.
There’s no waiting on checks or loan approvals when you sell with our real estate investors. We will buy your house for cash, so you can walk away with the money as soon as the transaction is complete!
Our team of experts do the hard work so you don’t have to. Don’t worry about creditors or piles of paperwork. We settle all legal issues associated with the property and we will negotiate with your ex-spouse on your behalf.
A short sale is when you sell a property for less than the amount you owe your lender. The money from the sale goes to the lender and in many cases is accepted as full payment of the mortgage.
Both parties that stay listed on the mortgage should qualify for a short sale. This is true even if a divorce decree has granted one person ownership of the house. A short sale could save your credit if your ex is about to let the house go into foreclosure while your name is still listed on the mortgage.
Filing Chapter 13 bankruptcy is another thing that will stop foreclosure if your lender doesn’t accept the short sale. The petition for bankruptcy will actually give you extra time to find another buyer. If you can find an offer that your bank deems acceptable, you can avoid foreclosure.
Tax exemption is the same whether you sell your marital house before or after the divorce. Couples that are selling the family home while still legally married can deduct $500,000 from any capital gains tax while each individual can deduct up to $250,000 if the sale happens after divorce.
However, a divorced individual loses the $250,000 deduction if they haven’t lived in the house for two years or more. Additionally, the couple is not eligible for this deduction if the house is a rental property.
In order to determine whether or not you can sell your house without permission from your ex-spouse, you have to examine the type of ownership. In general, if both spouses appear on the deed, then both spouses need to agree on the sale.
Texas is a community property state, which means that even if one person is listed on the deed, the consent of both spouses might still be necessary. For example, if the house was bought during marriage, then both spouses have rights to the house. Even if the property was purchased before marriage, if the spouse not listed on the deed has contributed to the mortgage payments or maintenance of the property, then that spouse might still have a right to the house. In these cases, you will have to obtain a quitclaim deed from your ex-spouse in order to sell the house without their permission.
A court ordered sale of the family home can be accomplished by filing a partition lawsuit. If the lawsuit is successful, then the family home can be sold without the consent of the ex-spouse. However, although the lawsuit can be filed for any reason, it’s expensive and not guaranteed.
If your ex-spouse owns the house but you still have a joint mortgage after your divorce, your credit can be affected by your ex-spouse’s late payments. A partition lawsuit can help you avoid foreclosure after divorce by forcing the sale of the home.
If your ex-spouse refuses to refinance or assume the loan after divorce, it’s important to contact a lawyer as quickly as possible. A lawyer will initiate a partition lawsuit so that you can sell the house and get your name off the mortgage. It’s important to take action immediately if the mortgage is in your name only as it could have a disastrous effect on your credit.