How To Sell A House During Divorce in Revere

Divorce. When we first fall in love, we can’t imagine a marriage ending in divorce, but it’s also sadly a common reality. The American Psychological Association puts the rate of divorce for citizens of the United States at approximately 40 to 50% for first marriages. But what happens to shared assets, such as real estate, when a marriage ends? Do you have to split all assets 50/50?

Can You Divorce Without Selling the House?

During divorce proceedings in Revere, Massachusetts, you face choices regarding the family home. You may opt to retain the house or sell it to divide the proceeds equally. Start by informing your attorneys and the Court of the property’s acquisition date. This detail is crucial in determining if the house qualifies as marital property subject to equitable division or if it is categorized differently.

If the Court determines that the property is classified as “separate property” – meaning it was acquired before the marriage, gifted or inherited individually, or purchased using separate funds at any point – in both community and equitable distribution states, the spouse is not entitled to any claim on this property. There could be exceptions to this rule, such as when the property undergoes enhancements that increase the overall house value. Consulting with a legal professional can assist in determining whether a property is deemed separate or a marital asset.
Mass Bar Association offers a comprehensive lawyer referral service to assist individuals in legal matters.

When determining the division of the marital home, a court considers various factors, such as:

• The property’s value.
• The financial situation of each partner.
• The employability of each partner.
• Contributions, both physical and financial, to the marital home.
• The age, physical well-being, and mental health of each partner.
• Custody arrangements for the children.

Who Gets The House in A Divorce?

When going through a divorce in Massachusetts, State law dictates the division of assets, significantly impacting how marital assets are split. Typically, most states adhere to the principle of equitable distribution. In such instances, a judge during divorce proceedings will allocate property based on what the Court deems fair. This distribution may not necessarily be equal but is determined by various factors, including each spouse’s contributions to the household, such as child-rearing responsibilities.

There are nine states with community property laws. They are:  Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaska has community property laws as well, but only if you opt in to this method. In community property states, all assets obtained during the marriage (i.e. marital property) are divided 50/50 with only a few exceptions. In Massachusetts, property division in a divorce follows the principle of equitable distribution, where marital assets and debts are divided fairly but not equally.

There are a few options both you and your partner and/or the Courts might choose when it comes to selling (or not selling) your marital home. These include:

One of the spouses buys out the other legal interest and keeps the home

Married homeowners residing in a community property state must divide assets equally in the event of a divorce. However, this does not automatically require selling your home. There is an option to negotiate in Court to settle your spouse’s legal interest in the property, allowing you to retain ownership. To achieve this, you may need to become the sole title holder within a specified timeframe following the finalization of the divorce decree. You can hire a knowledgeable agent to perform a broker price opinion or hire an appraiser to evaluate.

One spouse keeps use and occupancy of the home for a specified period; typically when the youngest child turns eighteen, then the house can be sold.

In numerous states, a parent granted custody of minor children may have the right to reside in the property until the child reaches adulthood at eighteen years old. The Court will determine whether the occupying spouse is responsible for financial obligations such as mortgage payments, utilities, and insurance during this period. The property will remain in the possession of the occupying spouse until all children reach the age of eighteen, at which point the house will be sold, and the assets will be divided between the spouses.

Co-own the home

Divorce doesn’t have to be an emotional and financial battleground. Co-owning a property can often be the best solution for the family’s well-being, whether living together or separately. In cases where children are involved and there is a desire to maintain stability by keeping them in the same home, a viable option could be for both spouses to remain on the mortgage to minimize disruption. For instance, consider a scenario where a husband and wife with three children decide to part ways. The husband is the primary breadwinner, while the wife is the main caregiver for their children. Due to her role as a homemaker, she may lack the financial resources, employment history, or means to buy out her husband’s share of the property.

There are numerous benefits to this situation, including offering stability for the family. However, it requires trust from the spouse leaving the property that their former partner will make timely payments. If payments are missed, it could have adverse effects on the credit histories of both individuals.

The house is sold immediately and any equity is split up

In some cases, selling your house may seem like the most straightforward option. By listing the house on the market at an agreed-upon price, you can divide the proceeds equally (50/50) or as determined by the Court upon sale. The speed of this process can vary significantly based on the real estate market conditions in Revere. If the local housing market is slow, the property is in disrepair, or there are title liens to consider, a traditional home sale may not be the most suitable solution. In such scenarios, opting to sell the property directly to a direct homebuyer or investor could offer a quicker and more convenient way to finalize the sale and transition to the next chapter of your life.

Steps to Sell a Home During Divorce

1. Hire A Divorce Specialist Real Estate Agent

Before listing your property in Revere, your initial task involves deciding on asset division either with legal assistance or through the Court. Divorce is a challenging and emotional period for all parties involved. Rely on seasoned professionals skilled in selling real estate amidst a divorce to assist you every step of the way.

2. Agree On Home Sale Specifics

When selling a house, it’s crucial for you and your partner to determine the best approach. Are you looking for a quick sale to divide assets swiftly and move forward, or do you see value in investing a few additional months to enhance the property for optimal returns in the current market? In cases of disagreement, legal intervention may be necessary to resolve the matter.

Before proceeding with additional investments in essential repairs and upgrades, it is imperative to establish a clear agreement on sharing expenses and assessing the impact of these investments on the ultimate profit distribution. It is vital to formalize these agreements with legal counsel to prevent any issues arising during the closing phase.

When it comes to real estate investments, expenses and profits are just the beginning. There are several crucial questions to address: How will the property be managed during the listing process? Which agent will represent you? At what price should the property be listed? Will it remain vacant, or will you or your spouse occupy it until it sells? Who will handle the mortgage and bills? And if the property is vacant, who will ensure it’s ready for open houses and showings? It’s advisable to resolve these matters with your legal team before resorting to litigation. This proactive approach can save you time and prevent legal fees from diminishing your sale proceeds.

3. Know What to Expect in Order to Close the Sale

When selling a property with your ex-partner, the final step involves setting aside emotions to review offers from potential buyers. In a competitive market like Revere, Massachusetts, where multiple offers may come in, it’s crucial to collaborate and establish a clear strategy beforehand. This could include deciding whether to prioritize a quick sale with no contingencies or to seek the offer that maximizes profit for both parties. This alignment is key to a successful sale and requires open communication with the support of legal and real estate professionals. By working together to evaluate and select the most suitable offer, you can ensure a smooth transaction process and a profitable outcome.

4. Divide the Proceeds

Last stage of the process. Whether the Courts or your legal team facilitated your divorce settlement, you should have clarity on how the sales proceeds of the property will be allocated. In case there are any outstanding liens or responsibilities tied to the property, the escrow company will handle their settlement prior to disbursing the funds, allowing you to transition smoothly to the next chapter of your life.

OR

5. Sell Your House AS-IS to A Cash Buyer

Are you currently facing a situation where communication with your ex-partner is challenging or undesired? Are you eager to move forward from your marriage and onto a new chapter in your life? If the divorce process is causing you significant stress, and a quick and seamless sale of your marital property appears to be the ideal solution, selling to a direct cash home buyer or investor could be the best choice for you!

Investors and direct cash home buyers in Revere understand the challenges property owners face. They offer all-cash deals for properties in any condition, regardless of the owners’ financial or marital situation. With expertise in quick closings, they provide a quicker alternative to traditional home sales. These buyers are willing to purchase houses and properties as-is, even if they require upgrades or extensive repairs. This can be a lifeline for couples going through a difficult divorce, offering a seamless way to sell the property for a fair fast cash amount without the delays of legal negotiations.

Selling Your House During A Divorce? Contact Us For Your Cash Offer Today!

Ephesus LLC is a local house buying company that’s built their business by buying houses for cash, no matter what the condition or the homeowners’ financial situation. We promise competitive cash offers without the hassle of dealing with real estate agents, lawyers, and more. If a direct home sale sounds like the best option for you, let’s chat! Call us day or night at (617) 340-6527. We have a reputation for buying houses with less stress and less fees. 

If you own a property that you need to sell fast due to divorce, we have a solution. Contact us today and get a competitive cash offer for that house or rental property. We buy homes, no matter what your individual financial situation or the property’s condition. Even if the house has been neglected for years or suffered damage in the last storm, once you accept our fair cash offer our team of experts will handle all of those expensive repairs and upgrades so you don’t have to! We make selling a house during a divorce as hassle-free as possible.

Divorce is often fraught with emotional and financial complexities, especially when it involves selling a shared home. Recently, Ephesus LLC had the privilege of guiding a young family in Revere through this difficult transition. Understanding the sensitivity of their situation, we focused on securing a sale price that both parties felt comfortable with, ensuring fairness and peace of mind for everyone involved.

Our involvement didn’t stop at just buying the house. We facilitated an arrangement where the sales proceeds were held in escrow by the closing attorney. This strategic move was designed to safeguard the interests of the family, maintaining the funds securely until the court could decide on an equitable division.

This approach not only provided the necessary financial security but also allowed the family to move forward with their lives, reassured by the knowledge that the financial aspects of their divorce were being handled with care and professionalism.

At Ephesus LLC, we don’t just buy and sell homes; we provide solutions that respect the personal circumstances of our clients, ensuring that even in the midst of life’s challenges, there is a path forward filled with hope and potential success.

★★★ What Massachusetts Customers Say About Us ★★★

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