Divorce is among the saddest part of every married couple. It is the ultimate sign of completely giving up into the relationship, deciding to end it, move on and start a new life without each other. It’s a stressful, emotionally draining process they need to withstand. However, it is not just the emotion they should end, also their co-ownership of the things they put up together, such as the house they’re residing.
The best solution to divide the ownership of the property is to sell the house and split the value. But just like the divorce process, selling the house during a during also is not as easy as you think. There are certain things you must do for it to become successful. Starting off with financial surprises during a divorce, Next Avenue has identified the nastiest financial surprises a woman (even man) encounters during divorce in their article published at Forbes.
The 6 Nasty Financial Surprises For Divorcing Women
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An astounding 46% of divorced women recently surveyed by the online marketplace Worthy said that divorce brought with it financial surprises. I’m a Certified Divorce Financial Analyst and collaborated on that survey, and I can report that the women I work with who are getting divorced often tell me they, too, have run into nasty financial surprises resulting from the experience.
In the Worthy study, Building a Financial Fresh Start, 1,785 adult women were surveyed across three stages: those with divorce “on the horizon,” those in the midst of divorce and those who described themselves as “divorced and determined.” Some 22% of the women were 55 or older; most of those were already divorced.
In my practice, the six nasty surprises divorcing and divorced women often encounter during their divorce proceedings are:
Being unaware of the total size of their marital debt including the primary mortgage, home equity line of credit, auto financing, credit card debt, 401(k) loans and student loans
Not anticipating they would have to return to the workforce
Assuming child support and/or alimony would be higher or last longer
Assuming they could keep the marital home
The staggering cost of health care insurance
Underestimating the cost of getting a divorce
When the survey participants were asked if they had experienced any “financial surprises” during divorce, 38% of women 55 and over replied they had. While this result is not something to cheer about, it was significantly lower than the younger age groups, in which nearly half said they had experienced such surprises.
Before initiating divorce settlement negotiations, it is imperative that women know their net worth as a couple and can quantify joint and separate expenses. Women who stay in the dark financially during their marriage will find life after divorce more difficult than it has to be.
Financial Roles and Responsibilities During Marriage
To better understand the impact divorce has on women’s finances, the survey asked women about their financial role while married. Some abdicated to their husbands all financial responsibilities (such as earning money and managing the household’s bills and investments). Surprisingly, younger women were more likely to abdicate control of all financial matters to their husbands than older ones. While 18% of the women 55 and over had relinquished financial control to their husbands while married, that was significantly less than the approximately 23% of the women between 18 and 54 who had. See full post here…
Couples, especially the women often encounter deep financial problems during the divorce proceedings. As good advice to them from experts is to know their net worth as a couple and to them to quantify joint and separate expenses, as well as their joint properties.
When it comes to selling the house during the divorce, there are important things you must know before agreeing to the terms so that you’ll know exactly what to do and avoid getting burned by your former partner. McKinley Irvin Family Law wrote an excellent article about this topic. Read them below.
Selling the House During Divorce: Everything You Need to Know
Image Source: McKinley Irvin Family Law
As a couple goes through the process of a divorce, deciding what to do with the marital home can be tricky. Sometimes one person may wish to keep the house by buying the other spouse out, or they may decide to keep the home and sell it after the divorce is finalized. Other couples, however, choose to sell their home during the divorce.
Why do some choose to sell?
There are benefits to selling the house in the midst of the divorce process, both financially and personally. The profit gained from the sale of your home might provide each spouse with a solid foundation to start anew. Selling the marital home and eliminating that shared investment can also help to provide closure in a legal and emotional aspect. Choosing to sell before the divorce is finalized can also help provide each party with the means to deal with other financial responsibilities and debts. Also, couples often decide to sell their home because it will no longer be affordable to keep it after they have separated.
Preparing to sell
Before you sell your home, consider the many choices and responsibilities headed your way. Some homes may require maintenance or updating before they are ready to sell, which takes money, time, and requires some decision-making from you and your soon-to-be-ex. Prepare yourself for these discussions by discussing your priorities with your divorce attorney and be sure to check in with your attorney before final decisions are made.
If you choose to work with a real estate agent, you and your spouse can share the agent since you are both moving towards the same goal and having someone to work on your behalf can make the process easier. Going over these key factors with your spouse before they come up can help avoid arguments in the future and can take a substantial amount of stress from your shoulders.
Sit down with your spouse and discuss the pertinent matters dealing with the sale of your home.
Does the house need work before it is ready to sell? Discuss what you will need to do and who will pay for it.
Will one spouse continue to live in the home? Decide if the residing spouse will pay the entirety of the mortgage and price of upkeep, or what the non-residing spouse will contribute. Click here to read the rest of this post…
Selling your conjugal property such as your home is among the best decisions you can make during a divorce. You and your partner will just split the sell value, use it as you start a new life. But it’s not as easy as you think it is. There are crucial things you must know in advance to make the process faster and more convenient. There are always issues you might encounter.
John Hamilton of Utah Family Law discussed what are these issues you should expect and how to deal with them during the divorce process. Read the article below to find out more.
Selling a House During Divorce: Common Issues you Should Expect and How to Deal With Them
Image Source: Utah Family Law
1. Preface
Considering everything you’re thinking, feeling, and dealing with, one of the last things you want to think about is selling your house.
Selling a house is a stressful thing to do even when you’re not getting divorced. But when you are, it can be even more stressful.
Hopefully this guide will help you along the way and make it as smooth of a process as possible.
First off, you’re not alone. While there are many reasons people sell a house, divorce is certainly a common one. And because of that, we agents see the most common issues time and time again.
This guide was written to help you understand some common issues you should expect and how to deal with them.
While this is not legal, marital, or financial advice, hopefully this guide will help you protect yourself from losing time, money, and your sanity while selling your house.
We’ll begin by looking at some of the common roots of the problems. Then we’ll get into some of the most typical problems, followed by what you should do to make the sale of your house as smooth as possible.
With that said, this guide might not cover every question or concern you might have. So, if you have a thought or a question you’d like a real estate agent’s perspective on, please feel free to reach out to me directly. I’m glad to help.
2. Motivation
More often than not, one person is more motivated to get the house sold than the other in a divorce.
One wants to just get it sold as quickly as possible and move on, while oftentimes the other is in no rush to get the house sold.
No, this doesn’t apply to every couple…
Sometimes, though, it’s so subtle you don’t even realize that it is an issue…until it’s too late.
There are so many reasons why one of you might be more motivated than the other—too many scenarios to possibly cover.
Neither of you is “right” or “wrong” to feel the way you feel. There’s surely a lot of history that led to how you feel and why you want what you want, when you want it.
You have the right to feel how you feel.
But there is a “right” perspective to have when it comes to selling the house.
Both of you need to work together to get this done. It doesn’t work if one is getting in the way. As you’ll see, it’s crucial to sell as quickly as possible, but at the same time, not “at all costs.”
For now, just give some thought as to which one of you is more motivated.
Is it you?
Is it him/her?
What makes you feel the way you feel?
Motivation is one of the main roots to all of the issues you can experience when selling your house due to a divorce.
Knowing this, and understanding how you feel and what your level of motivation is, will be helpful as you move forward. See full post here…
Certainly, there are several issues a couple undergoing divorce encounters, such as settling conjugal property like their home. Apart from the emotional stress experienced by the couple, there is also the financial stress and a whole lot more. It would help a lot if both parties can find a buyer for their home, pay the bills, split the amount and move on with their lives with the money.
Dependable Homebuyers can help divorced couples sell their house fast and finding the right home buyer provided that they have met all the necessary conditions. Visit our website https://www.dependablehomebuyers.com/divorce to get started.
Dependable Homebuyers
1402 Belt St, Baltimore, MD 21230
(443) 266-6247
