If you’re wondering about the ins and outs of selling your home during a divorce in Fairfax VA… 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 Fairfax VA residents are looking or advice for selling a home during a divorce.
Selling Your 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.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Fairfax
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 Fairfax house fast… reputable local real estate investment firms like Del Aria Investments 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 Fairfax… 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 Fairfax 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 Del Aria Investments.
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 Fairfax 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 Del Aria Investments, 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…
Classification of the home as marital, separate, or part-marital and part-separate
Whether your home is marital, separate, or part-marital and part-separate during a divorce in Fairfax depends on the facts. If you have owned the home before the marriage, it is likely considered to be separate property. If you have purchased the home during the marriage, it is likely to be considered marital property. If you are unsure whether your home is considered to be marital, separate, or part-marital & part-separate during a Fairfax divorce, you should consult a family law attorney for advice.
A judge in a divorce case will consider several factors to determine whether a home is considered marital, separate, or part-marital, or part-separate. These factors include the earning capacity of the spouses, the health of the spouses, and the age of each spouse.
Equitable distribution of the marital home
During a divorce in Fairfax, VA, a couple will need to follow equitable distribution rules to divide their property. This division process is complicated, but a divorce attorney can help you navigate the process.
Before a judge divides a couple’s property, the parties must classify the property as marital or separate. This classification is crucial to the property division process. In Virginia, courts will typically recognize three types of property: marital property, separate property, and community property.
Marital property refers to property that was acquired during the marriage. Marital property includes jointly owned property, property that was purchased during the marriage, property that was given to the spouse, and property that was received as a gift from the spouse.
Separate property refers to property that was acquired before the marriage or by inheritance. Separate property may be classified as part of marital property or as a separate asset.
Taking ownership of assets during a divorce
Taking ownership of assets during a divorce is a complicated process. Assets can range from cars to retirement accounts. Trying to come to an agreement can save couples a lot of heartache. A good divorce lawyer can help you iron out the details.
In New York, a judge has the ability to evaluate the value of each spouse’s assets. Although the judge is not obliged to divide assets equally, he or she can award a larger percentage of marital assets. The judge will consider many factors in deciding on a distribution of assets.
For example, one spouse may be able to keep the home. The home is a valuable asset. However, if the couple does not pay the bills, the home can become a debt.
Expenses and profits associated with the sale of a home
Expenses and profits associated with selling a home during a divorce in Fairfax can be difficult to determine. The expenses and profits can vary depending on how the two parties decide to divide the assets and liabilities. A divorce lawyer in Fairfax will help you determine how to divide the assets and liabilities.
If the house is jointly owned, the monetary award for the property will be determined by subtracting the mortgage balances from the fair market value. In most cases, the profit is equally divided between the two spouses. However, there are exceptions, such as when one spouse bought more of the home or contributed more to the expenses of the property.
If one spouse retains the home, they can continue to live in the house until the youngest child reaches 18. It is also possible for one spouse to keep the home until the divorce process is complete, if the market conditions are not favorable to selling the home.
Alternatives to selling a home during a divorce
Whether you are looking to sell your home in Fairfax after divorce, or you are preparing to refinance a mortgage, there are many factors to consider before making this decision. The process can be both stressful and emotional, but it can also be a chance to move on and heal. Here are some tips on how to sell a home during a divorce in Fairfax.
A premarital agreement is a good way to determine which spouse owns the house. Regardless of whether the couple decides to sell the house after the marriage, this agreement should outline the division of the property and other large assets.
If you are considering a buyout of the other spouse’s interest in the home, be sure to consult with a legal or financial advisor. The process can be complex, depending on state community property laws.