A divorce is messy, complicated, and so common that it has become part of the cultural norm. It’s easy to empathize with the emotional toll divorce takes. However, it’s more challenging to consider the financial obligations.
A couple who shares a life together also shares things: mementos, housewares, cars, and, in many cases, a home. While the division of assets can be as painful as the divorce itself, maintaining pragmatism is essential.
If you’re thinking of filing a divorce in Lexintgon, you might consider selling your house before the proceedings start.
Why Sell Your House in Lexington Before a Divorce
The simplest solution may be to sell your home. There is a lot of pain associated with selling your home. The home likely has a sentimental value to you, your spouse, and your children, if any.
You cannot divide a house, but you can divide a check. In fact, divorce law in Lexington and in the rest of Kentucky provides that property should be split equally during a divorce. It would be more convenient to sell the house before divorce proceedings then split the profits evenly.
Selling a house might also be better for you and your spouse financially. When you bought the house together, you probably had two incomes to cover the expenses. A couple who cannot afford the mortgage, insurance, property taxes, and maintenance on a single income may have to sell the house.
In addition to liability risks and financial requirements, homeownership entails significant responsibilities. If you can’t take on those risks alone, you could lose your home or ruin your credit.
What You Should Know About Selling Your House
During a divorce, selling your house in Lexington is similar to selling at any other time, but you must clarify who gets what before the sale.
Step 1: Preparing to Sell
Even in the best of times, selling a home requires preparation. Hire a real estate appraiser to formally assess the value of your house before you list it for sale. In the case of repairs or upgrades, you and your spouse must agree on how to split those expenses.
Before listing, discuss other pertinent matters besides financial investments. Will one spouse live in the home while it’s on the market? Will they cover the entire mortgage and other payments or will you split these costs? Who will prepare the house for showings and who, if either of you, will accompany the showings?
Step 2: Considering How to Sell
Work with your spouse to find a good real estate agent to help you sell your house when you’re ready to sell. The sole goal of a good listing agent is to get the best price for your home, so they work for both of you toward achieving that goal.
Selling your house to a cash homebuyer may also be a good option, as they buy it in its current state. You don’t have to spend on repairs or upgrades, and you will receive the money in your chosen schedule.
Step 3: Accepting an offer
Even though your list price is based on an appraisal, you might not get that price. When a couple is divorcing, accepting an offer on the marital home is a big decision. Be prepared to compromise.
While the house is on the market, agree on a price you’re both comfortable with. If you can’t agree, trust a professional’s advice. You may have to accept a lower price if you want to end the sale quickly.
Step 4: Dividing the Profit
In some states, such as Kentucky, everything purchased or otherwise obtained during a marriage is considered equally owned by each spouse, regardless of the name on the deed. Your attorney will know the few exceptions to these rules.
Sell to a Professional Homebuyer
Are you in need of money that you have to sell your house fast? Whatever has brought you to this point, you can count on us. At Rylo Homes, we buy houses in all types of conditions in Lexington, KY.
You don’t have to wait around for a realtor to find a buyer. The alternative solution we provide is for home buyers to be able to sell their homes as quickly as possible and find solutions.
Give us a call or fill out the form for a risk-free, no-obligation offer to sell your house fast.
