Menu
Separating assets after a divorce makes a stressful situation even worse.If neither of you wants to keep the marital home, selling the property can seem like a daunting task.
When a couple separates due to financial struggles, their home could be in pre-foreclosure during the divorce. This means that the divorced couple will have to deal with avoiding foreclosure while also going through a divorce, adding unwanted stress to the process.
Splitting marital property can be a contentious topic during a divorce. If an ex-partner refuses to budge and the couple can’t agree on what to do, it causes serious problems. In these instances, a judge will often determine what happens to the property. The judge might force the divorced couple to sell the home, potentially upsetting one or both of the spouses.
During the division of assets, one spouse could get full ownership of the family home. However, although one person owns the home, both parties might appear on the mortgage. If the homeowner doesn’t remove their ex-spouse’s name from the mortgage, that person’s credit could suffer, and this can be a reason for asking the judge to force sale the property.
If you’re going through a divorce and looking to sell your matrimonial house, then selling your house to a real estate investor is the best option. Los Angeles Cash House Buyer is the fastest and most reliable company of real estate investors in Los Angeles, California and the surrounding areas.
Our experienced cash house buyers can help you with the quick sale of your home. If you’re interested in selling your family home, we can help you sell in as little as 3-30 days.
Dividing real estate in a divorce is difficult. We make this process as easy as possible by buying your home as is. There’s no need to spend time and money on repairs. We buy property in any condition.
We offer cash payments for all properties. When you choose to work with our team, you won’t have to wait for checks to clear or for loans to get approved. You can walk away with cash after one easy transaction.
Selling your home to our investors is the easiest way to sell property. We will negotiate with your ex-spouse, settle any debts the property has, and handle all of the paperwork.
If you and your spouse are listed on the mortgage, you both should qualify for a short sale. A short sale is when you sell your property for less than what you owe your lender. In many cases they accept the proceeds of the sale as full payment of your remaining mortgage debt.
A short sale can save your credit if your ex-spouse has been granted the house in the divorce decree but hasn’t removed your name from the mortgage. If your ex is letting the house go into foreclosure by not making payments, your credit could be in serious trouble. Proceeding with forcing a short sale of the property could protect your credit.
Another way to avoid foreclosure is to file for Chapter 13 bankruptcy. If your lender doesn’t accept the initial short sale offer, filing a bankruptcy petition will give you the extra time you need to find another offer.
In general, couples can expect to deduct the same from any capital gains tax both before and after a divore. A married couple can deduct up to $500,000 while individuals deduct up to $250,000 after a divorce.
However, if an individual hasn’t physically lived in the house for two years or more, they forfeit any possible deductions. It should also be noted that there are no deductions for a rental property, as deductions don’t apply to any homes other than your primary residential property.
If a divorce property settlement can’t be reached, you might consider selling your house without your ex-spouse’s permission. In order to do this, you must examine the property’s deed and determine what type of ownership you both have.
If the names of both spouses appear on the deed, then you are both rightful owners of the house and you will need the permission of your spouse to sell the house. However, if only one name appears on the deed, then it comes down to the laws of your specific state.
California operates under community property law. Community property states give certain individuals the right to a property even if their name doesn’t appear on the deed. For example, if the property was purchased during marriage, then both spouses have a right to the property. Even if the property was purchased before marriage, a spouse could have a right to it if they paid a considerable amount towards the property’s mortgage, taxes, or general upkeep.
If your ex-spouse has a right to the property, you will have to obtain a quitclaim deed from them in order to sell the property.
The court ordered sale of a property is possible with a partition lawsuit. This type of lawsuit allows you to sell your shared home without the consent of your ex-spouse.
If you still have a joint mortgage after your ex-spouse has sole ownership of a property, then your credit could be in trouble. If your ex stops making payments on the property, you might face foreclosure after your divorce. A partition lawsuit forces your ex to sell the property so you can protect your credit.
If the divorce agreement requires your ex to refinance the mortgage or assume the loan but she refuses to do it, you should contact a lawyer. It’s especially important to get a lawyer involved if the mortgage is in your name only. If this is the case, only an experienced real estate lawyer can help get your name off the mortgage. A lawyer can also initiate a partition lawsuit so you can avoid foreclosure.