Should I Sell SD CA House First or Divorce First?
Buying a house is like pursuing the ideal American dream for a newly married couple. But sometimes, the “happily ever after” feeling doesn’t last a lifetime. Over time, as couples spend more time with each other, they tend to go through turbulent times that may ultimately lead to a divorce. When this happens, the question can arise of who gets the house or who gets to sell the house and keep the profits.
For many Americans, their home is their most expensive asset. On average, a house in the United States costs more than $400,000. A couple’s home will often be one of their most expensive shared assets, so the issue of selling it becomes more challenging if divorce comes into the picture.
Since a home is a shared investment, both parties have a right to the property. Selling a house can be complex. Compared to other shared assets like bank accounts, frequent flier miles, and debts, splitting houses between divorcing spouses is more complicated than it seems.
Divorce Implication of Property
According to the American Psychological Association, around 40 to 50% of first marriages end in divorce. This number only increases with second marriages, which have a 60 to 70% divorce rate. To put this in another perspective, in 2019 alone, over 820,000 out of 2 million marriages ended in divorce within the year.
When couples decide to proceed with their divorce, they end up terminating their legal partnership with each other and the shared status of their property. This means that what was previously owned by both parties must be divided equally because it is now considered marital or community property.
Marital property in the U.S. refers to property acquired by the spouses during their marriage. This includes real estate and other investment properties, cars, furniture, artwork, etc., obtained during their time together.
The primary purpose of marital property is to protect spousal rights should the issue of divorce arise.
Divorce and Marital Property
If the couple divorces or obtains legal separation and can’t decide how to divide their marital property, the court will decide for them. However, to avoid a potentially unfavorable ruling, the couple can also enter into what’s known as a prenuptial agreement that details what each person obtains upon the split.
Should You Sell Your Property Before or After the Divorce?
After determining who has the final say with the house, another question arises: should you sell your home before or after the completion of the divorce?
If you decide to sell your property before the divorce, you can protect the value of your home and maintain your negotiating power. What’s more, you can alleviate any mortgage and other home expenses when you decide to take the sell-first strategy, which will benefit you.
If this is not possible, deciding to sell your home after the divorce is final is your second best option. During this time, you have probably distributed your marital assets accordingly and can, therefore, split the proceeds from the sale more evenly. In other words, both parties should now be entitled to 50% of the net sales proceeds.
However, in California, the premise of equitable distribution varies in that home assets can be divided equitably and fairly, but this doesn’t always mean a 50-50 distribution.
Other considerations, such as who bought the house initially or who inherited the house, must be analyzed to determine the proper distribution.
Consult Your Attorney But Get an Idea of the Value of Your Home
To ensure that you’re getting a fair price and property distribution, it’s important to consult with your attorney. They will be well-equipped to guide you through the process and help you obtain your equal share of the house.
But if you want to know how much your property is worth when you sell your San Diego house during a divorce, you also have the option to work with a realtor. If you don’t have any connections with a realtor, your attorney can direct you to reputable agents so you can properly appraise the value of your home. Your realtors can also lend a helping hand by listing your house on the market and selling it to the right buyers.
But while this approach can reduce the stress of having to handle the sale on your own, there’s always a possibility that you might need more value for your property.
Knowing your house is for sale due to a pending or finalized divorce can invite lowball offers. Buyers understand that the couple is likely desperate to get rid of the house, so they often feel like they have the upper hand in lowballing an offer.
Instead of subjecting yourself to this, a better alternative is to sell your property to I BUY SD and get fast cash.
I BUY SD Offers the Most Value for Your Property
It doesn’t matter if you need to sell my house fast SD during the divorce or after. We buy houses San Diego at I BUY SD and we will buy your home as is with no hidden fees. Regardless of mold in your home or other issues, we will give you the most value with no strings attached.
With our help, you can instantly get rid of your property, gain maximum profit, and start fresh as a newly-single person.
Contact us today to get an instant offer on your house.