Divorces are undoubtedly messy and can get very heavy on your wallets. Couples have to pay for lawyers, documentation and need to decide how they will split their assets – some of which can be sold for money.
The biggest asset that couples share is their house and if mortgages are handled correctly, both spouses can begin their new lives while being financially stable.
Couples that are splitting up have three options when it comes to their house:
- One spouse takes over all the house’s payments
- One spouse signs a quitclaim deed where they are still responsible for all the payments but do not have any rights over the house
- Couples can choose to sell their house and split the cash
Here’s what you need to know about the three options:
When your spouse wants to stay in the house and take over the payments
In order for your spouse to continue living in the house while taking over all the payments, they will have to qualify for refinance with just their income.
On the surface, this deal looks great but in the case your spouse fails to make a payment, the mortgage company will hold both you and your spouse responsible – even if your name isn’t on the deed. As far as they are concerned, you both are liable for the monthly mortgage payments.
Signing a quitclaim deed
In a quitclaim deed one spouse takes responsibility for the mortgage payments but forfeits their rights over the house. For example, a father can choose to move out of the house while letting his family stay in the family home.
He can continue paying the mortgage to support his family but he doesn’t have any rights over the house; his partner can choose to sell the house whenever they wish.
Selling a house during a divorce
Choosing to sell a house during divorce is by far the easiest option. When both partners have equity in the house, the process is even easier. By selling your house, both of you have sufficient finances to start over.
Selling a house during a divorce is a process. You’ll need to decide whether or not you want to work with an agent, settle on an asking price, be prepared to show your house, review offers and ultimately pick the best offer. The process can be lengthy but it is the least stressful option.
Jax Cash Buyers is a real-estate solution company that makes it easier for people in Jacksonville, Florida to sell their houses. With us, you don’t need to hire an agent that will ask for a big check for their services. You don’t need to spend money on repair and cleaning either!
Here’s how it works:
- Step 1:Fill out our online form and provide us information about your property
- Step2: We’ll review the details and if you meet the buying criteria, we’ll get in touch with you and set an appointment.
- Step 3:Once we reach in agreement, we’ll prepare an official no-obligation offer
- Step 4:We’ll close at a reputable company. You’ll have cash in your hands in within a week’s time.
Yes, it’s really as easy as that! Get in touch with us at (904)513-0229 for more information; we’re happy to help in any way!