Divorce and selling home property in Ohio are two of the most stressful life events, but they often overlap. When you’re facing a divorce, dealing with homeownership questions can become complicated.
Many couples consider their home to be their greatest asset, and it usually has a great deal of sentimental value as well. While you or your spouse may wish to keep the house, many times, the situation might dictate that it must be sold.
Why Sell Your House During Divorce
If you’re asking, “Why should I sell my Columbus, Ohio house during divorce?”, there might be a variety of reasons:
Emotional Reasons
In most cases, divorce and selling a home go hand in hand because of the psychological implications of keeping the house. Having you or your spouse leave can turn a once happy home into an unpleasant situation to live.
Financial Reasons
There is a good chance that your mortgage is based on both your incomes since you were married. House payments, insurance, property taxes, and upkeep all eat away at your finances, regardless of what your income is. This is too much to handle for most spouses.
The tax ramifications of capital gains are a critical financial aspect to consider. You have an enormous financial incentive to sell your marital home while you are still legally married as you will be able to exclude up to $500,000 from federal capital gains taxes.
Legal Reasons
Despite the fact that one of you contributed more than the other to the purchase of the house, all of you want their fair share. If you cannot agree out of court, whether on your own or through mediation with your attorneys, the courts will decide for you. The process is not pleasant for most homeowners, however, because the judge rarely makes the exact decisions both parties would like. When the family home is sold, the division of assets is easier since you are not calculating the future value of the house.
Liability Reasons
It is very important for the other spouse to understand what it means if one spouse wants to keep the house. There are different ways to keep a property and let one spouse remain in it, but each entails difficulties and risks.
If the spouse who wants the home has enough income, he or she could assume the loan and just make payments. This will require talking to the lender and refinancing the home. This method eliminates the other spouse from the equation altogether, but not many people have this kind of income.
To minimize disruption, you can both stay on the mortgage if you have children and want to keep them in the same house. Your remaining spouse can make full payments, or you can both agree to a percentage. However, this requires a lot of trust, as if the remaining spouse falls behind or fails to make the payments, the departing spouse will not only suffer credit issues but also mortgage problems.
How To Sell Your Home During Divorce
When you sell your home during a divorce in Ohio, it is similar to selling real estate any other time, except that you have to lay the groundwork beforehand to determine who gets what.
But before you hire a real estate agent or call a cash buyer, you should decide how the proceeds will be divided.
It is possible to reach a decision by talking to each other. It’s best to hire an attorney if you’re not familiar with how equity is divided.
You will need to examine the history of your marriage related to the property and consult one or more real estate appraisers. It is important to understand how much your home is worth, as well as the value of any improvements you have made to it.
Need To Sell Your House Fast?
Can’t wait any longer to sell your house? We at Offer Express are the right place to sell.
In Columbus, Ohio, we buy all kinds of houses and offer a wide range of services that will help you get the right solution right away. Let us know what services you need, and we will fulfill them as soon as possible. Our professionals can guide you on what you need.
You can get a head start by calling us at (614) 820-5777. Just schedule a free consultation with us, and we’ll work everything out with you in no time.