LIQUIDATING ASSETS PRIOR TO DIVORCE
Selling your house can be difficult to do when going through a divorce. It is emotionally and financially draining for you and those involved, but did you know that selling your house may benefit you and help you pay for the divorce?
If you are interested in liquidating your assets prior to divorce, then keep reading. We will go over everything you need to do to get your house sold.
Selling Your House during a Divorce
Selling your house during a divorce is more complicated than selling before you start the process because of the Standard Family Law Restraining Orders that go into effect as soon as the divorce petition is filed.
Here are some of the stipulations from Farzad Law when trying to sell your home while going through a divorce.
“The stipulation and order to sell the house during a divorce stipulation means agreement. Therefore, a stipulation and order is an agreement that becomes a court order. Possibly the easiest way to sell the house during a divorce is through a written and signed agreement between the spouses that then becomes a court order. Effective legal representation is important. Speak to your family law attorney about the terms that fit your needs.
Some of those may be the following:
- Will the selection of the real estate professional be a mutual one? Will one spouse provide the other with a list to choose from or will there be another way to choose one?
- How will the price be set? Will it be up to the real estate professional subject to the approval of the spouses?
- How will the price be reduced, if necessary?
- Will one spouse be the lead in all communications with the real estate professional or will every discussion and decision have to go through both spouses?
- Will both spouses need to formally approve all offers, counteroffers, and acceptances?
- Which spouse will ensure the home is ready for showing to prospective buyers? Will the home be shown even if neither spouse is present?
- Is there an agreed dollar amount that, if offered, will result in an acceptance of an offer or will the spouses have the ability to negotiate any price?
- Are there liens or encumbrances other than the mortgage that needs to be paid from the sale proceeds? Are they undisputed as a community or separate property and, therefore, from whose share they will be paid?
- What will happen to the sale proceeds? Will it be distributed to the parties, in whole or in part? Will it be characterized in the stipulation and order as community property, separate property or will that characterization be reserved for the court to determine later?
- Are there reimbursement claims by either spouse, such as one resulting from a separate property down payment that can lead to Family Code 2640 claims?
These are all things that will need to be sorted out before being able to sell your house. And if you are going through a divorce, then this can be not only emotionally overwhelming, but expensive as well. You already have to pay for your divorce so you probably don’t want to pay for a lawyer to sell your house on top of everything else. So what are your options?
Sell Your House before Filing for the Divorce
If you can, sell your house before filing for the divorce. Once you have made the decision to get a divorce, you probably don’t want to wait the time it takes to sell your home on your own or with a realtor.
A cash buyer is a good person to reach out to in this situation. House Kings is a cash buying company that will purchase your home in a short seven days. We will come out and give you an offer and because we have the cash waiting for you, we will be able to get you out of your home fast before you start to file for divorce.
Contact us today at 405-233-8831. We help people in this same situation all the time. We understand how hard this can be and we are here to help you feel comfortable through this entire process.