Separation or divorce is a stressful time in a person’s life. Selling property during that time can add to the stress. Therefore, it’s best to take a collaborative approach when it comes to selling your home. While a good realtor can help in the process, you need to take the following steps to get the best results.

Go For legal advice

After getting your assets and liabilities estimated, putting your finances in order, and getting copies of all the crucial documents, you can get legal advice on the matter so that you can discuss the case and what possible options you have at your disposal.

Separations and divorces can be tricky. If you and your ex can’t agree on terms, the case will have to go to court.

Settling In the Court

Please note that the court doesn’t have the formula to decide how the property will be divided. Every case is unique for them. They’ll consider the following:

• The value of your liabilities and assets (including superannuation)
• Financial contributions of both the parties (salaries, wages, etc.)
• Non-financial contributions (homemaking, childcare, etc.)
• Indirect contributions like inheritances
• Future requirements like age, ability to earn, and childcare

Settling Out of Court

Seeking early legal advice is important because of the following reasons:

• All adjustments in the property should be made within a year of the divorce.
• If you’re in a de facto relationship, then you must make property adjustments within 2 years of the separation date.

The earlier people agree, the better they can take care of the property settlement.

Selling or Keeping the House

Selling the house isn’t the only option when you break up with your partner. While dividing the property is important, you may be able to keep it if you buy out the partner. For that, you’ll have to refinance the home and pay a higher mortgage. If you possess a rental property or other assets, you can do an asset swap too.

If you decide to sell the property, the family court will decide whether it’ll be a 50/50 split or one partner will get the bigger share based on documents and conditions provided.

Refinancing Or Buying Out the Other Party

In case the property is under both the parties’ names, you can’t remove your ex from the mortgage agreement. You’ll have to reach an agreement before going through the refinancing process. The lending institution will need the following information:

• Proof of funds to buy out the partner
• Repayment records. You have a higher chance of getting the house refinanced if you’ve got an excellent repayment record.
• Your savings may or may not be taken into account.  

Sell Easily with Re-Vest Investments

Got divorced and trying to sell the house? Re-vest Investments can help if you need to sell the house fast in Texas. We make the process of house sales fast and easy for homeowners and help you cast out your property with the best offer. Get in touch with us now to get started in Houston or Katy, TX!