When you’re going through divorce, you already have a lot on your mind. You’ll have even more stress if you’re selling your Denver house in between.
In divorce proceedings, real estate is often a major topic of contention. A home is usually a married couple’s biggest asset, and both sides may have a sentimental value to it. It can get messy when it comes to homeownership, whether it’s dividing assets in a sale or finding out who keeps the house.
It might make more sense to sell your Denver house in a divorce for financial, legal, or personal reasons. But even that’s got questions.
Can I Sell My Denver House in Divorce?
There are a few reasons why selling may be a better choice during a divorce. While selling a house during divorce may be stressful and headache-inducing, there are five signs it may be the better option:
FINANCIAL REASONS
Maybe you had two incomes to cover the expenses when you bought the house together. In that case, sell the house if either party can’t afford the mortgage, insurance, property taxes, and maintenance on one income.
If you sell a house while married, you don’t have to pay capital gains taxes due on profits up to $500,000. But you’re eligible for this if you live in your home as a primary residence for two out of the last five years. If you and your spouse won’t live in the home, it may make more sense to sell the house.
LEGAL REASONS
Most couples contributed to the house purchase even if it wasn’t a 50/50 split. When you can’t agree on who should get the house outside of court, the courts will decide.
Court battles rarely work out how either party wants, and they can lead to further animosity between the spouses. A plan to sell the house and split the proceeds is often a better solution than going to court.
When you sell the house, the asset division will be easier since you’re not trying to guess the future value. Selling a house takes time and effort, but if you agree on how to split the money, you won’t have to worry about legal issues.
LIABILITY REASONS
The risks and difficulties of being a single homeowner need to be understood if one person wants to keep the house.
If one spouse has enough income to cover all the payments, then the other spouse isn’t liable. They’ll have to refinance the house, qualifying on a single income for a house they probably paid for with two. If one spouse wants the Denver house, they might have the money to buy it out of the other, but a lender might not agree they’ll be able to keep up with all the extra payments. You have to sell your house or risk foreclosure if the lender won’t back you or your spouse as a single owner.
How to Sell Your Denver House in Divorce
Selling your home during divorce is not as different when selling any regular period. Traditionally, you would put up your Denver home for sale on a listing platform, invite buyers to show around the property, and negotiate a sale. Most of the time, you need to hire a real estate agent when you don’t have the time to sell the house on your own.
But what if you want to sell your Denver house fast? Maybe divorce proceedings are about to begin, and you don’t want to deal with two stressful situations at the same time. In that case, you’ll find professional home buyers in your area who will buy the house from you for cash. The process takes at least two weeks.
We’ll Buy Your House Fast
If you want to sell your Denver, Colorado house fast, we’ll buy it. At Blue Halo Homes, LLC, we’re ready to make you a fair all-cash offer or an offer that meets your needs.
It doesn’t matter if you live or rent your house, or whether it’s vacant. We help owners who inherited an unwanted property, fell behind on payments, or has a property with repairs they can’t afford. We’ll get it out of your hands on your chosen schedule.
See how we can help you today. Call us at (303) 457-1181, and we’ll help you find a solution for your home.
