Divorce & Selling Your House: What Are Your Options?
Estimated reading time 4 minutes
Divorce is a challenging and emotional process that can have far-reaching consequences, including the need to sell your marital home. Property ownership is a significant part of financial stability, with home ownership a goal many want to achieve. Therefore, deciding what to do with the family home during a divorce can be a complex and difficult decision. This blog post will guide you through the process of selling your house during a divorce, offering valuable insights and tips to help you make the right choices for your unique situation.
Understanding the financial implications of property and divorce
Divorce is stressful enough, without having to deal with the potential financial instability it can bring. Your marital home is likely the most significant assets you own that will need to be addressed.
It's crucial to understand the financial implications of selling your house during a divorce. This includes:
The equity in your home, which is the difference between the property's value and the outstanding mortgage balance, will need to be divided between you and your spouse. It will either be decided amicably or dictated by the court.
If you are keeping the house, you'll need to assess if you can afford to maintain the property, including mortgage payments, utilities, and maintenance costs, on your own.
Selling a house can involve expenses such as estate agent fees, legal fees, and conveyancing costs. These expenses will need to be factored into your financial planning.
The state of the property market can affect your decision. Selling in a buyer's market might lead to a lower sale price, impacting the equity division.
Choosing how to sell your house after a divorce
Once you've decided to sell the house, you have several options for how to go about it. There are different options available depending on the desired outcome.
Local estate agent
Hiring a traditional and local estate agent can help you navigate the complexities of the property market. They can handle the marketing, viewings, and negotiations, making the process smoother for you.
If you and your ex-spouse are on good terms and can work together, you may consider selling the house privately. This can save on estate agent fees but requires more hands-on involvement. You will need to assess if you have the time.
Selling your property through an auction can be a quicker process, but it may result in a lower sale price. It's essential to weigh the pros and cons before choosing this method.
Online estate agent
Online estate agents often offer competitive fees and services. Consider this option if you prefer a more cost-effective way to sell your home. Proceed with caution as some go back on their initial valuation, offering much less.
Cash house buyers
Choosing a cash house buyer for your martial home is becoming a popular sales solution. The speed of sale and often free service is often a great way to take extra stress out of divorce proceedings.
Your divorce house sale
Choosing to sell your house during a divorce can be a complex process when emotional, financial, and legal elements need to be considered. Property sales tends to be easier when open communication, and when both you and your ex-spouse understand the financial implications and make informed decisions about the method of sale and timing.
Whether you have been given the house in a divorce, or you and your ex-spouse are both in agreement to sell, Bettermove are ready to provide a sale on your terms. We can sell your house for free, mitigating any further expenditure as part of the divorce. As a cash house buyer, we have a network of pre-approved buyers ready to buy your property from you directly, which means a fast sale for you. Discover more about how our process works or get your cash offer today.