No couple ever enters a marriage thinking their relationship will end in divorce, but it can happen for many spouses. Divorces aren’t an easy process, especially when the couple have to decide on things like child custody, businesses, and property.
Fortunately, when it comes to things like real estate property, divorces in Lexington, KY follow a equitable distribution or common law state. This means that property isn’t automatically assumed to be owned by both spouses and will be equally divided in a divorce.
Your divorce lawyer will ultimately tell you what you can and can’t do with your property. But here are a couple of suggestions that could clear up your potential options during your divorce proceedings.
Check Your Prenup
Without a prenuptial or premarital agreement, you and your spouse’s properties will fall under the property settlement laws that cover Lexington, KY. But if you and your spouse have signed a prenup that indicates you get to keep real estate property owned by either of you before marriage, then those stipulations will apply. This will make it much easier to keep any house you inherited or acquired before marriage.
That’s why it’s highly recommended you get a prenup signed before you and your partner are legally married. While Kentucky divorce laws can determine your property as separate property, certain actions can make your soon-to-be-ex-spouse entitled to your property even if you acquired it before marriage.
For example, if you changed the ownership of property from individual to joint ownership, the court can consider it a gift, making them entitled to your home – unless you have a prenup.
Keep The Property Together
It might seem odd for you and your spouse to remain co-owners of a property even after your divorce is finalized, but there are some cases where it may be in their best interests to withhold selling the property and they can amicably agree to be joint owners even after a divorce. A few examples include:
- If the couple have children and it is in the child’s best interests to keep the house until they graduate.
- The property is a real estate investment that will eventually increase in value.
When couples cannot agree on who gets what, the court can intervene and decide the outcome. But if you and your partner can agree to stay joint owners, it is possible to continue co-owning the property.
Use The Property To Negotiate Assets And Debt
Married couples can incur joint medical debt, credit card debt, and mortgages. How these debts are divided can affect each spouse’s financial standing, so it’s up to the court to factor in criteria like their individual economic circumstances, how they incurred that debt, and who benefited from the debt.
On top of dividing the liabilities and debts, your divorce proceedings will also divide your assets accordingly. Knowing these negotiations, you and your lawyer can propose to keep or give the house to your spouse in exchange for certain assets. Think of it as buying your spouse’s share of the house.
Sell The Property, Divide The Proceeds Accordingly
What if neither of you want to keep the house? The best solution is to sell the house and divide the proceeds accordingly. Depending on the joint assets and liabilities, dividing the proceeds might not be an easy 50-50, and it will depend on who gets what during the proceedings.
But given that it takes an average of 60 days to finalize a divorce in Kentucky, and it takes the average house 25 days on the market and up to 45 days to close (a total average of 70 days to sell a house), selling a house the usual way (i.e. conducting repairs, hiring a real estate agent, putting up listings, entertaining buyers, etc.) can prolong the divorce proceedings unless you agree to settle the income from the sale outside of the divorce proceedings.
A faster, more hassle-free way of selling your property is to sell your home to a cash homebuyer. These companies buy houses as-is (removing the need for renovations, repairs, and home staging) with cash, which means you do not have to wait for the buyer to be approved for a loan.
Compared to putting your house on the market and waiting an average of 70 days, cash home buyers can give you a fair offer in as little as 72 hours or less and can transfer the money in as little as 14 days. This can allow you to speed up the divorce proceedings as you can get rid of property neither you or your spouse want to keep.
Ready To Sell? Book A Call with Us Today
Start the next chapter of your life free of property that might remind you of your divorce. If neither you or your ex-spouse want to keep your Lexington property, it’s in your best interests to find a cash home buyer in Kentucky and sell your property fast.
Contact us today to get a fair price on your property.
