Nowadays, divorce is not uncommon among couples. In the United States, there is one divorce about every 36 seconds. That comes out to be about 2,400 divorces each day or 876,000 divorces a year.
Going through a divorce is a stressful and time-consuming process, especially if there is a house involved. You and your spouse must decide what you are going to do with the property. Before you call a “we buy houses for cash Omaha” company, our team wants to share your options for what to do with a house during a divorce.
Who gets the house?
One of the questions many couples ask when thinking about a divorce is, who gets the house? During a divorce process, most assets get divided between the two individuals. In the case of a house, the process is a little more complicated. Who gets the house depends on when it was purchased and which state you live in.
Divorce and real estate property
What decision you and your spouse decide to make about a house during a divorce is very important. If you and your spouse settle the divorce outside of court, then you both mutually decide who gets the house. However, if your case goes to court, then a judge will look into these factors when making a decision.
Is the house a marital or separate property?
If the house was bought during the course of your marriage, then the house is considered marital property. This includes all kinds of properties like houses, cars and money. A certain property might be excluded from a marital property if a prenuptial or postnuptial agreement was signed.
If the house was acquired after the separation, then the house is considered separate property. This kind of property also includes any Inherited property and gifts acquired during the marriage.
Do you live in a community property state or equitable distribution state?
There are nine states that are community property states, and those include Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas and Wisconsin. This means that all the property acquired during a marriage is required to be divided equally, so 50/50, among the two.
The other states are considered to be equitable distribution states. This means that all the property acquired during the marriage is fairly distributed among the individuals, not 50/50. In this case, a judge is a person who decides who gets what property - depending on their financial situation, job and other factors.
How to sell your house during a divorce
If you and your spouse decide that you no longer want to keep the property, then you have the option to sell it. This option allows you to divide the earnings among both parties. You can decide to sell the house through a real estate agent or sell it to a company that buys houses.
Which option is best for you depends on your budget and the time available. Selling through a real estate agent can take months and end up costing you. You will need to pay real estate commission fees, any repairs and closing costs.
However, selling your house with a we buy houses for cash Omaha company, it will sell faster and does not require you to pay closing costs. Plus, these kinds of companies have experience dealing with people going through a divorce and can slip up the cash for you and your spouse.
Are you looking for a “we buy houses for cash Omaha” company?
If you want to sell your house for cash, contact Best Prices Homebuyers. We will give you a fair cash offer for your house no matter what condition it is currently in. Contact us to get started!