How To Sell A House During Divorce in Northeast Ohio
For many couples, their home is their largest asset. Dividing marital property is often one of the most contentious issues in a divorce. Oftentimes, selling the house can be the simplest and most straightforward solution, particularly when significant equity exists. The house is listed at an agreed-upon price and once sold, the assets are divided as the Court designates. The payout from selling the home can provide both spouses with financial resources to address various expenses, potential down payments on new residences, and above all else, the ability to move on.
But how do homeowners living in Northeast Ohio determine if it’s best to sell a house during a divorce? And if so, how do divorcing couples go about it?
Do I Need to Sell a House During Divorce?
In Ohio, whether or not you need to sell a house during divorce depends on your specific circumstances, financial situation, and the agreements or orders issued during the divorce proceedings.
Here are some common scenarios where selling your marital house or rental property may be necessary:
- Mutual Agreement: A mutual decision to sell a home during divorce can simplify proceedings, providing both parties with liquid assets to start fresh. Particularly if maintaining or splitting the house creates ongoing disputes, selling may be the most straightforward solution.
- Neither Spouse Can Afford the House: If neither spouse can buy out the other’s share of the home or neither can afford to maintain the home on a single income (including mortgage payments, taxes, and upkeep), selling is usually the most practical option.
- Outstanding Mortgage: If the house has significant debt attached (e.g. a mortgage), selling may be necessary to pay off the loan and split the remaining equity.
- Debt and Liens: If the home is tied to other debts or legal claims, selling may be the best way to resolve these obligations during the divorce.
- Court-Ordered Sale: If the divorcing couple cannot agree on what to do with the home, the court may order its sale and division of the proceeds (known as a forced sale or partition sale).
- Settlement Requirements: If a divorce settlement or decree specifies that the house must be sold, the parties are legally obligated to follow through. An example would be a deferred sale, where the court allows the custodial parent and children to stay in the home until the children reach a certain age or another condition in the divorce agreement is met; after which the home is sold and the proceeds divided.
We Can Help You Sell a House During Divorce
Call/text (440) 628-1321 or fill out this simple form to contact Realty Done by Damien Baden about selling your Northeast Ohio property.
Steps to Sell a House During Divorce
Listing a marital home or rental property for sale during divorce requires careful planning and consideration. Here are some steps to help ensure a smooth process:
1. Consult with Your Divorce Attorneys: Before you decide to put your Northeast Ohio house on the market, make sure you have legal guidance about your rights and obligations regarding the property sale. Your attorney can help ensure the sale terms align with your divorce agreement.
2. Gather Important Documents: Locate all necessary paperwork, such as the deed, mortgage information, tax records, and any relevant home improvement documentation.
3. Get the Home Appraised: An appraisal will provide a professional assessment of your home’s value, which can help both parties agree on a fair listing price.
4. Hire a Real Estate Agent Experienced with Divorce Sales: Consider hiring a Northeast Ohio real estate agent with experience in divorce situations. They are best suited to help manage the delicate process and reduce stress.
5. Agree on Terms with Your Ex-Spouse: You and your partner will need to decide on the terms of selling the house. Would you prefer to list quickly or spend a few months fixing up the property to make it “market ready” to sell at a higher price? Which home repairs/improvements should be made, and how will those expenses be handled? Who is responsible for the mortgage and bills What price point should it be set at? What is the minimum offer amount you’ll consider? How will offers be handled? And how will proceeds be divided (if not already determined by the court/lawyers)? Ideally, any terms regarding bills, expenses and proceeds of the property should be finalized amongst lawyers before listing the home for sale.
6. Prepare the Home for Sale: Complete any necessary repairs or improvements to increase its appeal to buyers. Ensure the home is clean, depersonalized and decluttered.
7. Review offers: When it comes time to review offers from potential buyers and decide which one to accept, you will need to collaborate with your spouse and/or attorneys. This is particularly important if you in an area where the real estate market is volatile. While your agent can provide advice, ultimately, the decision needs to be made jointly and as amicably as possible to avoid further distress.
8. Closing: This is the final step and hopefully the simplest! In most cases, you will have moved out of the house by the closing, unless it was agreed that you could stay longer (aka a “rent-back” agreement). As part of the real estate closing, the escrow company will pay off any remaining balance on your mortgage, closing costs, commissions, and other related costs. Afterwhich, the proceeds will be distributed as defined by the court or lawyers who helped settle your divorce. With the home sale behind you, you can breathe easy and begin to move on.
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We’re Here to Help Sell Your Northeast Ohio House During Divorce
If you own a Northeast Ohio property that you need to sell due to divorce, whether it be a marital home or rental property, we can help. Realty Done by Damien Baden has a reputation for helping clients sell a house during divorce with compassion and less stress. Contact us today for help selling a Northeast Ohio house during divorce as hassle-free as possible.
Sell My Northeast Ohio House Now
Call/text (440) 628-1321 or fill out this simple form to contact Realty Done about selling your Northeast Ohio property with a Divorce Specialist Real Estate Agent.