If you’re in the midst of a divorce, there’s probably too much weighing on your mind. You’ve got the paperwork to handle, legal proceedings to oversee, and then there’s real estate to settle. A major focus during a divorce is what to do with the family home.
For several couples, their home is their biggest asset, and it holds both sentimental and financial value. Questions about who gets the house and how to divide the assets can get complicated and messy due to legal, economic or personal reasons. In this post, we break down all the options you have when selling a home in Milwaukee during a divorce and help you sell a house fast, whatever the situation is.
What Happens To The Couple’s House In A Divorce?
Divorces involving property can pan out in one of the following ways:
1. Sell The Asset & Divide The Proceeds
If you and your spouse co-own the property, you might agree to sell it and divvy up the proceeds. This is one of the easiest – and least messy – options to divide assets during a divorce. However, to choose this option, both the partners have to agree to sell the house. You can quickly sell your Milwaukee home for cash if you are on the same page.
Selling your residential property to cash home buyers in Milwaukee is the quickest and least hassle-free option to complete the sale. Unlike traditional listing, you don’t have to wait for months to get an offer from the right buyer. Cash home buyers purchase your property immediately and help you close the deal in as little as 7 days, allowing you to carry on with the rest of the divorce proceedings.
2. Buy-Out Your Spouse
If either partner wants to own the house, the interested party can buy out the other person. The spouse who wants to retain the home can pay half of the house’s market value to the other person and become the total owner of the property.
The drawback of this method is that the person buying the property must have the funds to pay for one half of the property immediately. Also, they must carry on the mortgage on their own going forward.
3. Continue To Co-Own The Property
In a mutually-agreed divorce, a couple can continue to be co-owners of the home. In this situation, the couple agrees on how to split mortgage payments and how to split the sale proceeds when it happens in the future. This way, one spouse and the children can continue living in the home.
However, the disadvantage here is you remain financially attached to your ex-spouse even after the divorce. If one of the partners fails to uphold their end of the mortgage payments, it can affect the other person’s credit score.
Which Is The Best Way To Deal With Property In A Divorce?
Each of the above scenarios can play out in different ways depending on your individual finances and the cooperative or acrimonious nature of the divorce. If you’re looking for a clean break, the best option is to quickly sell the house and divide the proceeds. If you’re searching for “How to sell my house fast in Milwaukee?” the best option is to go with cash home buyers and complete the transaction within a few days, instead of dragging it out with a traditional sale.