Divorce and moving are typically at the top of any list of the most stressful things in your life, and you might have to go through them both simultaneously.
To save you as much stress as possible, we have compiled a helpful guide with considerations as you navigate this difficult time. Below, we go over why you should sell your house, when you should do it, and how to make it as easy as possible for you during your divorce.
Why Should I Sell the House?
First, you might be wondering, “Do I have to sell my house?” The answer is not necessarily. But while you aren’t forced to sell your house in Maryland during a divorce, there are several advantages to selling your home and many factors to consider, such as your finances, liability, and children.
If you’re pondering sole ownership of your marital home, you should consider the financial implications of that decision. Do you earn enough to take over the mortgage and potentially “buy out” your ex? Like any investment, the financial risk will fall solely on you now, including any repairs and maintenance costs. It may get to be too much.
The easiest option for both parties might be to sell the house. In addition to clearing any shared debt, selling your home can allow both of you to part ways with a fresh start. It can offer a clean break and one less thing to worry about as you separate.
When Should I Sell My House?
Understanding when to sell your home can be a tricky decision for anyone, but when also balancing a divorce, that choice can be even more challenging.
For example, consider the current market. If you’re looking to sell your home with a real estate agent, selling your home in the spring or summer is typically better, as the market tends to have increased activity.
But selling timing based on the market isn’t the only factor. Choosing when to sell during your divorce is just as important. Should you sell before or after you finalize the divorce?
Selling Before a Finalized Divorce
In the state of Maryland, you and your ex-partner may choose to sell your house before a finalized divorce. The property can only be sold if both parties sign off. This can allow for a smoother legal proceeding, as the fate of the property has already been decided, which may speed up the divorce process. Both parties should check in with their lawyers if the divorce is already in motion, as you may need a judge’s consent.
If you and your ex-spouse mutually agree to sell your home during your divorce, consider Baltimore home buyers. You’re not tied to moving seasons and market fluctuations by selling directly to a residential real estate investor. They have experience buying many homes from divorcing partners, which will allow for a smoother sale and, ultimately, divorce. You’re also not waiting for your house to sell on the market, so you’ll have cash in your accounts for other divorce and moving-related expenses.
Important Note
In many cases, the court will consider money made from the sale of the property as marital property. As such, you must divide it between the divorcing parties in an agreed-upon manner or by the court.
Selling After Your Divorce is Finalized
You may find that trying to sell your house while your divorce is pending is simply too difficult or overwhelming. Don’t worry. Selling the property after the fact is still an option. But the sale profits must align with the conditions laid out in your divorce. Again, situations like these are made easier by working with a company that buys houses in Baltimore and is experienced in divorce sales. It may also be beneficial to work with your lawyers to ensure the terms of your divorce are properly met to avoid further legal disputes.
Other Considerations
Title Transfers
It is incredibly important to remember that while both of your names are on the title of the house, both parties are responsible for any financial obligations, including mortgage payments. Until the title is transferred to either one party or an entirely separate party after a sale, you and your ex-partner will be held accountable. Selling your home quickly can relieve both parties of the financial burden of the asset sooner.
Court Settlements
To ensure the smooth settlement of your property, it is vital that both parties make decisions and handle the process fairly. Both individuals should consult their lawyers on any decisions made. How you and your ex-partner divide profits or assets from the home should be decided before the sale. By playing by the rules, you can speed up the process and possibly prevent a lengthy battle in court.
If the selling process is too tumultuous, emotionally taxing, or simply not getting anywhere, the decision on your property may end up being decided in court. A judge will consider various factors, including the financial standing of both parties, the house’s condition, the needs of any children you have, and how emotionally invested each party is in the property. The court’s ultimate goal is to provide the most equitable solution for both individuals and the family.
Final Thoughts
Selling your home during a divorce can feel too overwhelming, but with the right approach, it doesn’t have to be. If you’re thinking, “How do I sell my house in Baltimore during this time?”–understanding your options, knowing the timing that works best for your situation, and seeking out experienced home buyers who can simplify the process will help make this transition smoother and less stressful. Prioritize clear communication with your ex-partner and legal team to ensure the sale aligns with your divorce terms. With careful planning and the right resources, selling your Baltimore home can provide both parties with the financial and emotional fresh start you both need.