If you’re wondering about the ins and outs of selling your home during a divorce in Fort Worth TX… we’ll dive into the steps and things to look out for in this article.
With over 50% of American marriages ending in divorce, many Fort Worth TX residents are looking or advice for selling a home during a divorce.
A home is one of the most valuable joint assets, and obviously cannot be divided without first liquidating. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational. There are several factors to consider when facing a divorce in a real estate market that has yet to rebound from the housing bubble burst.
Selling a single-family home during a divorce in Texas can be complicated, especially as emotions run high and both parties may have different ideas about how to proceed. Texas is a community property state, meaning that most assets acquired during the marriage, including the family home, are considered jointly owned. When a couple decides to sell their home, there are several important steps and considerations to keep in mind.
1. Agree on Selling the Home
The first step is for both spouses to agree to sell the home. In some cases, one spouse may want to keep the property. However, selling can simplify the division of assets and help both parties move forward. If both spouses agree to sell, they must also agree on the logistics, such as listing price, choosing a real estate agent, and handling showings. Disagreements on any of these points can slow down the sale process, so having open discussions, or even working with a mediator, can help streamline decisions.
2. Determine the Home’s Value and Potential Proceeds
A real estate agent or appraiser can help determine the current market value of the property. Understanding the home’s value allows the couple to set a realistic listing price. When the home sells, the proceeds are generally split according to what the couple agrees upon or as directed by the court if the divorce is contested. However, any remaining mortgage, taxes, or liens on the property will need to be paid first.
3. Prepare the Home for Sale
The couple will need to decide who will manage the preparation and showing of the home. If one spouse still resides in the property, they may take on this responsibility. Repairs, upgrades, and staging may be required to maximize the home’s sale price. Costs related to these preparations are typically shared, and it’s wise to document these expenses so they can be factored into the final settlement.
4. Dividing the Proceeds
Once the home is sold, the proceeds are divided as part of the divorce settlement. Texas courts aim to divide marital property in a fair and just manner, though it may not always be a strict 50/50 split. Factors such as each spouse’s income, contributions to the property, and custody arrangements (if children are involved) can influence how proceeds are allocated.
5. Handling the Legal and Financial Details
Working with a divorce attorney and financial advisor during the sale can protect both parties’ interests. An attorney can help ensure that the sale terms are fair and comply with the divorce agreement, while a financial advisor can guide on managing the proceeds. Selling a home during divorce requires clear communication and careful planning, but with the right support, both parties can benefit from a smooth transaction and a fair distribution of proceeds, allowing them to move forward more easily.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Fort Worth
In many divorce cases, one spouse will keep the home, buying out the departing spouse’s share.
In many cases, agreements are made where one spouse uses the house for a set period of time (this is usually used when there are children in the home), and then sold at a certain date (usually when the children reach a certain age).
Get Professional Help – Agents and Home Buyers / Investors
Selling a home is a difficult process when everything is going right.
During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling you home yourself. You may have disagreements with your spouse about selling price or other issues. By working with a real estate professional… either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home.
If you need to sell your Fort Worth house fast… reputable local real estate investment firms like Starfish Group Properties may be a great option. Firms like ours actually BUY HOUSES (rather than listing them like agents do)… and we pay cash and can close quickly if you need to sell this house fast.
If you can wait the time it’ll take to list it with an agent and sell it on the open market, going with a real estate agent is your best bet.
But if you can’t wait the 3-9 months it sometimes takes to sell a house in this market in Fort Worth… chat with us to see what we can offer you for your house during your divorce.
Set (and stick to) a Timeline
It’s important, when selling your Fort Worth house during a divorce to keep a timeline.
You should put your home for sale in advance. Set firm closing dates, moving dates and times, and coordinate which spouse will be handling the sale (or talking to the real estate agent). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements.
This helps ensure a smooth, surprise free home sale.
Selling Your House Fast For A Fair All-Cash Price
One option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like Starfish Group Properties.
Reputable local real estate investors like us, purchase houses quickly and without stress, and the process can often take as little as seven days.
Deciding how to sell a marital home in Fort Worth doesn’t have to be as stressful as the divorce itself.
By protecting each party with a qualified real estate agent or simply jointly deciding to sell and selling fast to a real estate investment firm like Starfish Group Properties, and moving the process as quickly and according to an agreed upon schedule, all parties can walk away from the sale without stress.
If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
Give us a call anytime at 817-859-6677 or
fill out the form on this website today! >>
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.