If you’re like most Americans, your house is the most expensive thing you’ll ever buy. This is why selling a house in Denver can be stressful when you’re getting divorced. A house can’t be evenly split between divorcing spouses, unlike bank accounts, debts, and frequent flier miles, so you or your spouse can buy each other out or sell the house and split the proceeds.
Here’s why selling your Denver house before filing for divorce might be a good idea:
Why Selling Property Before Divorce is a Good Idea
Once you’ve agreed to divorce, you should put the house up for sale as soon as possible. Your Denver property will be available for a longer period of time if you put it on the market early. This means you’re more likely to get an offer you’re happy with, and you’ll have more equity to divide based on Denver’s divorce law.
By selling your house before getting divorced, you can both move out and get used to single life in separate houses.
The tax benefits of selling the house before your divorce are often overlooked. Divorce usually means both parties move out of the marital home, making it a second home for you both.
Eventually, if the property appreciates in value much, it could be treated as a capital gain at tax time and taxed at 15%. For example, if you both move out of one year and the house doesn’t sell until eight months later, but goes for more than you paid, you may have to split a hefty amount in capital gains taxes.
What to Do if the House Doesn’t Sell on Time
You can speed the selling process along by putting the house up for sale before you file for divorce.
First, talk it out together. Make sure you both agree it’s best to sell the house. Nothing torpedoes a promising offer like one spouse refusing the deal or making the house seem unattractive. Sometimes people do this for financial reasons, sometimes for emotional reasons. Try to reach a consensus beforehand and act as a team to unload the property.
Delaying your split until the sale is final is another way to make sure the house sells before it becomes a white elephant in divorce court. Remember that once the court grants your final divorce decree, the incentives you both operate under will change. As the final court date approaches, your spouse might start playing for time to either stay in the house or get a bigger share of the sale price. You can refocus your energy on selling while you’re still on the same page by putting a big “pause” button on your divorce.
How to Sell Your Home Smoothly
You and your spouse must work together to sell the Denver home, especially if you’re planning to sell it traditionally. If you and your spouse don’t have the time to be involved in the selling process, hiring a real estate agent is your best bet. However, be ready to talk to your spouse about splitting expenses that come with selling the house — from agent’s commissions, to repairing and improving your home to make it appealing to potential buyers.
But if you want to sell your Denver house fast, consider selling to a cash home buyer. All you have to do is call a cash home buying company and give them information on your home. They will give you a cash offer based on the estimated value of the home. Once you accept the offer, they’ll take care of the closing costs and give you the money. You don’t need to repair or upgrade your home.
Need to Sell Your House Fast?
We are a company that pays cash for homes to homeowners who want to sell their house for whatever reason — financial difficulties, a sudden move, a problematic property, etc. Taking our offer means we’ll pay for closing costs and handle all the paperwork. No need to repair or upgrade your home. We’ll buy it as is.
Ready to get started? Get a cash offer today by calling (303) 457-1181.