When you’re going through a divorce, selling a house in Utah may not be the first thing on your mind. But it will certainly become a significant topic before you’re finished with the divorce process. This is because the house is a large asset with high value, and it can be difficult to figure out how to split it up evenly between you and your soon-to-be-ex-spouse.
This is why going through a divorce often requires the help of an attorney. There are many assets, both financial and physical, that need to be properly divvied up in a way that is fair, and in a way that both parties can agree on. So, where does that leave the house? You can’t exactly cut it in two. What’s the best way to determine who gets the proceeds from selling it?
It’s hard to figure out how to navigate this tricky maze alone. Using the help of a real estate agent with a specialty in divorced home selling is a great way to get through this process unscathed with both parties getting what they want.
Below, you’ll find some tips and tricks for the best ways to sell a house in Utah while going through a divorce. In this chaotic chapter of your life, it’s best to be as prepared as possible!
Find A Trusted Agent
Before trying to sell a house on your own and figure out how to split the proceeds, you should find a real estate agent you can trust. Find someone in your local area who has experience selling homes while the homeowners are going through the divorce.
Not only will you come to rely on your agent throughout the selling process, but through the post-sale process as well. A professional is a good third-party mediator between you and your partner so you can approach the sale of your home with level-headed readiness.
Remember that selling a home isn’t cheap, even if you do plan on making money in the long run. But there are plenty of upfront costs that need to be addressed. Sooner is a better time than later to figure out which spouse is going to come up with the initial costs and who will help with any additional fees that come up.
Selling a home comes with many costs and fees, which include (but are not limited to):
- Home inspections
- Repairs and renovations
- Professional cleaning
- Title searching
- Final mortgage payments
- Agent and escrow fees
- And more
This will be the least exciting part of the process, but it’s necessary to sit down with your spouse and your agent (or legal representative) to determine who is going to pay for what, and how much money you can expect each other to spend. You should also discuss what is going to happen with the money you make from the sale in the near future.
Before You Move Out…
You need to decide whether you are moving out, or whether one of you is staying in the home before it sells. If one of you is remaining in the home until it’s sold, it saves you from having to front the expenses for a home staging expert. But you also need to think about how you are going to divide up these assets once the sale is made.
For instance, have you decided who gets what pieces of furniture? If one of you is moving out, what furniture will you take, and which furniture will get left behind to be staged for open houses? You need to decide what you’re getting and what your ex is getting.
There is also the small hurdle of physical labor. You need to clean your home before it can be shown to prospective buyers. It’s all-too-often that the housework falls on the responsibility of one spouse, instead of both spouses dividing the chores up equally.
Why Selling a House in Utah is a Good Idea During a Divorce
Going through a divorce is a messy enough process as it is without bringing the sale of a home into it. Although it may seem like it’s adding extra complications to the divorce, it may still be the best thing to do. In other words, it could be better to sell your home during a divorce than to wait until after the divorce. It might be more difficult to sell it at that point.
They may also decide that selling the home would be a good way to give each party a decent amount of money they could use to help kick off their new lives. During a time of chaos like this, it’s good to know there is a little bit of financial security coming your way.
If anything, selling the house is a good way to rid yourself of the assets you and your spouse shared. That way, you’ll be starting out your new life totally independently without having to worry about relying on your ex-spouse for financial dependence or permission.
The Home Selling Process
Most couples in the midst of divorce just want to sell the house as quickly as possible and move on from this part of their lives. Divorcees are usually a lot more flexible as sellers, meaning that they will accept offers without too much resistance or complaint. Many are looking forward to getting through this mess as fast as they can.
Others, on the other hand, are still set on reviewing each buyer’s offer carefully to ensure they are getting the best deal they can get. Use a licensed seller’s agent to help review offers, even when you don’t have time to. That’s what the professionals are there for – to make sure you are getting good advice and receiving offers that are fair to both you and your soon-to-be-ex.
Don’t forget an attorney may be necessary to be extra assured that the sale will go smoothly and you get the money you are entitled do.
Split the Money and then Split from Your Partner!
Once the sale of your home is finally complete, it’s time to split the earnings and finalize the deal. Although the details are something that should have already been agreed upon before starting the selling process, it is good to have everyone meet together again to finalize any and all agreements you’ve made with each other.
Going through a divorce is not fun, nor is it often easy. It can be a painstaking process for some, while others just want to get it over with as fast as they can. It can be difficult to remain level-headed when partners are not going through an amicable split; this is why the help of a professional real estate agent is highly recommended.
This new neutral third-party can help you and your ex-spouse navigate the tumultuous waters of a selling during a divorce, helping to properly split financial assets and completing agreements regarding the sale of the home.
With a little bit of patience, and a reliance upon the help of your local real estate agent, you can get the sale of your Utah home over and done with as soon as possible.
Contact Jackie Ruden Realty Team
Give us a call today at (435) 272-7710 to set up a time to discuss your current and future real estate goals in regards to buying a home or buying a property in trust. We look forward to working with you to make your goals a reality.