Divorce is a difficult time. You have to divide up your assets and deal with all the paperwork. If you want to get things over and done with as quickly as possible, how should you handle selling your New Jersey house during a divorce?
Most people don’t think about what would happen to their marital home if they were to ever divorce, so if you are about to go through a divorce, it might be worth doing some research to ensure you sell your house fairly and get what you are entitled to.
What You Need to Know About Divorce in Riverside, New Jersey
According to New Jersey divorce law, a judge will have to decide to divide your shared property if you and your spouse cannot agree. The process, called equitable distribution, is the division of shared property acquired by either party during the marriage.
In the event of an amicable divorce, it should be easier to sell the house and divide assets. However, it’s not the only option. One party can, for instance, decide to buy out the other party’s share of the property and get a mortgage for it. It’s also possible to consider other assets.
When things get tense, they may not be clear-cut. There is usually a “restraining order” put on the house if one spouse files for divorce, so the house cannot be sold during the divorce. You may even be able to sell before the divorce occurs if things are amicable enough. This can also result in tax benefits.
Divorce and Selling Your House
While you will have to divide things differently during divorce, the process of selling your house is similar to that of any other time.
Getting the House Ready
Your home may need specific improvement or you might decide to sell it as-is. If the home is in a poor state, it may take quite some time to get it ready for sale. In addition to getting photographs and creating property listings, you might also want to wait to do this until after you hire an agent.
Selling Through an Agent or to Cash Home Buyers
The agent you hire should be someone you trust. You can ask them to create the listing and list it in local real estate sale sites and publications, as well as provide you with a valuation. A fair value for the home needs to be negotiated between you and your soon-to-be ex-spouse.
Do you want to sell your house as soon as possible? Although you won’t receive the same amount of money, you will be able to sell the house fast when you sell to cash home buyers.
Deciding on an Offer
As soon as you’ve received a suitable offer, it’s time to accept, and then the sale can be closed. Even though you are going through a divorce, it’s still a good idea to wait and get the value you deserve.
Managing the Finances
You don’t immediately split the proceeds after a sale. A house sale comes with a lot of expenses, so these must be paid before anything else. This includes all your agent fees, your existing mortgage, and certain lines of credit related to the house itself. Most of the proceeds will have to go to handling all of these extras.
It’s possible that you can benefit from the capital gains exemption on properties less than $500,000 if you sell while you are still married. Following that, it’s time to split the money. Prenuptial agreements must be honored, so it is possible that in the event of a divorce one party retains ownership of the property, and the other does not benefit.
We Buy Houses in New Jersey
Are you currently asking “How do I sell my house in Riverside, NJ?” Consider selling to us at Aim High Properties, LLC.
It is a difficult and confusing process to sell your home, especially if you are behind in your payments or if your house requires repairs. Our process is simple: we offer you a clear cash offer and we’ll purchase the house and offer other options that might be available to you. No matter what condition or financial situation your house is, we’ll buy it within days.
Learn more about us by visiting our website at https://budbuyshomes.com/. You may also get your no-obligation cash offer today by calling (856) 861-6000.