Divorce and selling property are difficult enough on their own, but they can also be a particularly nasty combination if executed improperly.
If you’ve bought a property with your significant other but are now trying to sell in the middle of a split, here are a couple of tips to make that process as smooth as possible.
It’s a good idea to put your property on the market as soon as possible after you’ve decided to get a divorce, but before filing. This gives your property more time on the market, increasing the chance you’ll receive offers you like. Although it may be difficult, attempt to reach a clear consensus on the house. Discuss the fact that the house must be sold, and what kind of an offer you would be winning to accept beforehand so that when the right offer comes in you will be ready to accept it with minimal issues.
Additionally, there are tax incentives for selling as soon as possible. If both parties move out of the marital home the property is then considered a second home for you both. If enough time passes and the property increases in value of any significance, that could be taxed at the standard 15 percent rate of capital gain and you would have to work out how to split that bill.
Putting your divorce on hold until after you’ve sold your property can help to keep you and your spouse on the same page and working together smoothly before feelings and incentives shift in divorce court.
If We Sell After Divorce, How Will it Be Divided?
The state of Colorado is a marital property state, meaning that the court seeks to evenly divide up all of your marital assets. However, not all properties owned by each party are considered marital assets. If you owned or inherited property before your marriage, or were even gifted property by your then future spouse, this could remain separate property which is only yours in the divorce. But any property you’ve purchased together since your marriage will be considered marital property, and although no one can determine how the court will rule, it is likely that properties of this type will be evenly divided.
Get the Right Realtor or No Realtor
Divorce and selling property is stressful enough without dealing with a dishonest or lazy realtor. When you are trying to get your house sold fast choosing the right realtor is essential.
But in reality, you don’t need a realtor at all. Here at Zech Buys Houses, we cut out the middleman and the typical fees associated with using a realtor. If your home meets our criteria we will present you with a cash offer, and close on your schedule because we value your time.
Let Zech Buys Houses Help
We know divorce can be difficult enough, let us help to alleviate some of the stress of selling your home. Divorce and selling property doesn’t have to be painful, contact us at Zech Buys Houses and see what we can do for you. We buy houses in Colorado Springs, Colorado, and the surrounding areas in cash, so call us and get your cash offer today.