Not all marriage works perfectly. There are married couples who decided to end their relationship for several reasons. Among the most common divorce reasons include cheating, impotency, lacks time on each other, among others. However, regardless of the reason that prompted them to end their married life together, divorce or dissolution of marriage is an unhappy event characterized by loss of dreams and expectations towards your partner and your relationship.
More than the emotional problems, couple especially the wife who’s not working is most of the time a victim of financial problems until the court decides on the matter. And aside from coping up with the emotional problems, most of the time the financial problems must also be dealt with. Deborah Fowles of The Balance wrote an interesting article on the guide to most common financial issues of divorce.
A Guide to the Most Common Financial Issues of Divorce
Image Courtesy of The Balance
A Look at the Division of Property, Debt, Retirement Funds, and Taxes in Divorce
Divorce is stressful emotionally, mentally, physically, and yes, financially.
During a divorce, you and your spouse will be forced to make and accept decisions that have a major impact on your current and future financial situation and security. The most important thing to remember? Don’t go into them uneducated and alone.
While many people choose to consult a family law attorney in their divorce proceedings, too few engage the expertise of a financial planner and/or CPA. To understand some of the basics, here’s a guide to some of the biggest financial concerns of a divorce.
Dividing Property in Divorce
When a marriage comes to an end one of the first decisions you have to make is how you’ll divvy up the property you own.
Who gets the antique mirror your mother-in-law gave you last Christmas? Who gets the stocks in GE? What about the furniture? You car? How do you split up the accumulated belongings of years of marriage?
Diving property can be as much decided by state law or court-order as it is compromise and agreement between you and your spouse. Currently, there are nine states (namely, AZ, CA, ID, LA, NE, NM, TX, WA, and WI) that are community property states. These states have laws that hold that all assets acquired during the marriage by either spouse are considered joint marital assets. Joint marital assets are generally divided equally between the spouses in a divorce. Click here to read the rest of this post…
More than the emotions, mental and physical, divorce is also a huge financial problem. This is due to the decisions that could have a major impact on your present and future financial situations. With this, both parties must dig into the legalities of the division of properties during divorce – and the most common property that is the subject of the division in the house.
Since couples can’t literally divide the house, the best way to divide the house is through selling. But doing the selling on your own while undergoing divorce is very hard that you want to sell your house fast and focus on your divorce. Jess Walter published an article in Divorce Magazine on how to sell your house fast while also undergoing the grueling divorce process.
Moving on With Your Life: How to Sell Your House Fast During Divorce
Image Credits: Divorce Mag
Selling a property is not always easy – especially during a divorce. But at the end of the day, getting it done as quickly as possible and for a fair price means that you both can move and get on with your lives.
One of the most difficult things to do during a divorce is to sell your family home. Selling a house is not so straightforward as it involves several considerations. Whether settling a mortgage, refinancing, transferring to one partner, or putting it up for sale, financial, legal, and emotional factors could impact the sale of the family home – including how quickly it sells. Here are the steps you need to take to sell your house fast during divorce.
Determine Your Home’s Market Value
If you hope to sell your house fast during divorce, you must establish its market value. There are several ways you can do this: by using a real estate agency that can give estimates as to the market value of your house, or you can contract a property appraiser. The seller usually pays for the services of an appraiser, which can cost between $287 to $373 according to HomeAdviser.com. Whichever one you and your soon to be ex-spouse chooses, the market value is important as it gives an educated estimate of the eventual selling price of the house. Factors that may affect the market value include the condition of the house, the number of bedrooms/bathrooms, square footage, location, and improvements. The real estate agent or the appraiser will also consider recent sales of comparable homes in your neighborhood to establish its market value.
To Sell Your House Fast, Take Time to Prepare it Properly
There are things that you can do to get the best appraisal, prepare the house for viewing and selling, get the best offer possible, and hasten the sale process. Start by removing clutter and your personal things (including family pictures and collectibles) in the house so that it is easy for potential buyers to picture themselves living in it. See full post here…
The best way to settle property for couples’ house is to sell it fast. However, you need to know your house’s market value, as well as preparing it before selling by doing house repairs or renovations. That way you can increase your house’s worth. The money raised then equally divided into both parties after paying commissions, fees, etc.
On the other hand, is it possible that the house won’t sell during a divorce? SFGate wrote an article that serves as an answer to this very important question.
What If the House Won’t Sell During a Divorce?
Image Source: SFGate
Where love may fade, mortgage contracts endure. Typically, when a marriage dissolves, one spouse remains in the property while the other finds a new residence. The fate of the property is decided during the divorce negotiations. A quick sale is ideal for couples facing divorce but the reality is you need patience. Not all houses quickly sell. If you cannot sell your property during the divorce, you have other options available to you.
Rent
Consider renting out the house on a month-to-month basis while you attempt to sell the property. You could increase the amount of rent to earn some cash or make the rent payment equal to the mortgage payment while you wait for a buyer. With a month-to-month tenancy, you do not need to worry about scaring off potential buyers who do not want to deal with evicting a tenant. You may also consider a longer lease agreement and take the property off the market until the housing situation is more promising.
Buyout
One spouse may buy out the other spouse from the property allowing him to keep the property. You can make this arrangement between the two of you or you can involve divorce attorneys. Either way, you need to come to an arrangement on how much one spouse pays the other for his share of the property. At this point, the spouse who is retaining the property refinances the mortgage in only his name taking the spouse off the deed and paying her the equity in which she is entitled. Learn more about this article here…
Divorce is an emotionally and financially draining process. But for the couple this is the best decision they can come up to salvage their personal self and eventually move on to their lives once the divorce process is over.
If you’re in the middle of the divorce process and you want to sell your house fast, we at Dependable Homebuyers can help you in finding the right buyer for your home and focus on your divorce. To learn more, visit us on https://www.dependablehomebuyers.com/divorce/
Dependable Homebuyers
1402 Belt St, Baltimore, MD 21230
(443) 266-6247
