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Separating assets after a divorce is always an ordeal, especially when selling the marital home. Nothing will make it completely stress-free, but there are ways to make the process easier.
Unfortunately, many divorced couples have separated due to financial difficulties. When financial struggles are the reason for divorce, the matrimonial house could be entering foreclosure. Dealing with a foreclosure while going through a divorce makes a stressful situation even worse and the divorce process longer and more complicated.
Splitting marital property during or after a divorce can get too complicated if the couple is not on good terms with each other. Sometimes ex-partners simply can’t agree on whether or not to sell the shared home. When one ex-spouse refuses to compromise, a judge might have to force the sale of the shared home. Unfortunately, the judge’s decision could end up upsetting one or both of the spouses.
When dividing real estate in a divorce, one spouse might be granted ownership of the home. Although one person owns the house, both parties may be listed on the mortgage. If the person who no longers owns the house isn’t removed from the mortgage, their credit could be negatively affected by missed payments.
One of the easiest ways to sell your shared home is with a real estate investment company. Sell House Fast Los Angeles CA is the best in Los Angeles, California and the surrounding areas. Our team of reliable cash house buyers can help with the quick sale of your home.
Our real estate investing experts give you a way to sell your home fast. We offer one easy transaction that will have you walking away with a cash payment for your home in as little as 3-30 days.
Selling a family home that’s not in the best condition can be hard. Luckily, we will buy your home no matter what condition it’s in. We’ll buy your house as is, so you can avoid making any costly repairs.
Don’t wait for loans to get approved or checks to clear. When you sell with our investors, you’ll get cash for your property. Our cash offers are quick and easy, and you’ll walk away with your money after one transaction.
Our team of investors handles all of the paperwork and legal issues. Sell your home without hassle by letting us settle any debts and negotiate with creditors. If needed, we will even negotiate with your ex-spouse on your behalf.
An individual can file a partition lawsuit to force the sale of a family home. This lawsuit is a court ordered sale that allows one spouse to sell property without consent from their ex. A partition lawsuit can be filed for any reason, but it’s expensive when the success is never guaranteed.
If your ex-spouse is deeded the family home but you still appear on the mortgage, you could face foreclosure after divorce if your ex falls behind on payments. A joint mortgage after a divorce can spell disaster for your credit, but a partition lawsuit would force your ex to sell.
If your ex-spouse refuses to refinance or assume the loan after the divorce, when it’s a requirement of the divorce decree, contact a lawyer immediately. A lawyer can file a partition lawsuit to help you avoid foreclosure consequences by force selling the property if the mortgage is in your name only as well as if both you and your ex-spouse are on the mortgage. They can also work to get your name off the mortgage, so that your credit won’t be affected.
In order to determine if you can sell a house without your ex’s permission, you’ll need to find out who owns the property and what type of ownership laws exist in your state. If both your name and your ex-spouse’s name appears on the deed, then both parties need to give their permission in order to sell the house.
If only one name appears on the deed, it may come down to your state’s laws. California is a community property state, which means your ex can still have a right to the house even if their name isn’t listed on the deed.
In community property states, both spouses have rights to a property that was purchased while they were married. Your spouse might also have rights to the house if you purchased it before marriage, but they made payments toward the house’s mortgage, taxes, or general upkeep. If your spouse has a right to the house, you will need to get a quitclaim deed from them in order to sell.
The amount a couple can exempt from any capital gains tax after selling a home is the same whether they’re divorced or still married. A married couple can expect to deduct up to $500,000 while individuals can deduct up to $250,000 once divorced.
However, if a couple decides to sell their home after a divorce, any individual that hasn’t lived in the house for two years or more automatically forfeits their $250,000 deduction. Additionally, deductions are only for primary residences and can’t be applied to rental propert
How Can I Prevent Foreclosure on My Family Home When Splitting Marital Assets During Divorce?
A short sale is when you sell your home for less than what you owe the lender. Although it’s less than what you owe, the lender may accept the proceeds as full payment of your mortgage.
Both spouses should qualify for a short sale if they’re listed on the mortgage, even if the divorce property settlement granted one party full ownership.
Another way to stop foreclosure is to file for Chapter 13 bankruptcy. If your lender turns down a short sale offer, filing for bankruptcy will give you extra time to look for another offer. You can present the new offer to your lender while the petition is being processed.