Getting divorced isn’t an easy journey, and it has an impact on every aspect of your life, including your assets. In many divorce settlements, selling your house is part of the deal – releasing both parties from mortgages and dividing up any capital in the property so you can go your separate ways. But what sounds simple can be a very complex process, so here’s a helpful guide from cash house buyers in Fort Worth on how to go about selling your house during a divorce.
How to split a real estate asset
Houses are always complicated assets to split in a divorce because you can’t simply take your portion and go. Here are some important things to consider when it comes to splitting this high-value asset.
#1 – Are you married in community of property?
You can be married in community of property, which means that all your assets are divided equally between the two ex-spouses. This includes the assets you had before the marriage, the ones you get during the marriage, as well as any gifts or inheritance. It’s the most traditional type of marriage agreement, and you enter it by default if you get married without a prenuptial contract in place. In Texas, he courts follow a philosophy known as the “just and right” rule, which allows them to divide the property in a fair and equitable manner as they see fit. In these cases, the house and other real estate assets will generally be split 50/50.
#2 – Do you have a prenuptial or postnuptial contract?
These contracts overrule those of community of property and allow you to agree on how assets will be split in the event of a divorce. In Texas, almost anything can be included in a prenup or postnup contract as long as it does not result in a criminal offense or contravene public policy. However, it has to be in writing, signed by both parties who entered into the agreement voluntarily, and that there was a full and fair disclosure of all assets. If it doesn’t meet these criteria, your lawyer can assist you with challenging it.
#3 – Your settlement agreement
Your settlement agreement lays out the terms of how all assets will be divided during the divorce. This will include how to split the house, so it needs to be negotiated carefully. Some things to consider include:
- Your financial contribution to the property (deposit, payments towards the mortgage, insurance, etc)
- Your additional contributions to the property (role in maintenance, décor, upgrades, etc)
- Your property needs (if this is a family home required for raising your children, etc)
- Outstanding debts on the property (how property taxes and bills should be paid, the mortgage, etc.)
In most cases, selling the property is the best option because this will settle outstanding debts, allow you to use your portion of the capital as you want, and cut ties with your spouse more completely. It also makes your divorce settlement so much easier as there’s no need for additional agreements to be enforced about mortgage and maintenance payments, etc.
#4 – Finding the best way to sell your house during a divorce
You might think that the best option is to use a real estate agent, but this comes with its own issues. First, they will require you to repair and upgrade your property, which is expensive and time-consuming, and creates additional bills that you must negotiate with your ex-spouse. Then, there is the time it takes to find a buyer, which can be stressful in the best of circumstances and very difficult to cope with when you are trying to handle divorce proceedings at the same time. Lastly, it means that around 6% of your home’s sale price goes into the real estate agent’s pocket. This chunk of cash can be a big loss when you want to move on with your life or pay off divorce bills! That’s why we recommend cash house buyers in Fort Worth, so you can get the best price for your home.
Want to sell your house quickly during a divorce? Here’s the best way to do it
Divorcing is an emotionally difficult, challenging, and life-changing process – and the last thing you need is the additional stress of trying to sell your house during a divorce.
It involves cleaning and repairs, open house days and show appointments, and the stress of trying to sell during a very difficult time in your life – unless you’re with Shiny Key Properties! We purchase property in any condition, at any time of year, from well-kept family houses to teardowns. If you want to sell your house as is without having to look for a buyer, deal with a real estate agent and pay their commission, or even empty the property, then the best option is to sell directly to our cash house buyers in Fort Worth.
We can sell your property in 24 hours, putting a lump sum into your account in just a few days – and you pay zero real estate agent commission too. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-008
That’s all there is to it!
You can also download our FREE eBook for more information on how to sell your property in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your house, so you can sell your property in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, making this part of your divorce settlement straightforward and stress-free, but you also pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state property owners to sell their property as is and selling property for divorce settlements. To get an offer from cash house buyers, please contact us today and speak to one of our Fort Worth real estate specialists.