If you own a property and are getting divorced, what are the pros and cons of selling a house before a divorce?
And what are the pros and cons of selling after a divorce?
Let’s take a look.
Pros Of Selling A House Before A Divorce
Gives You And Your Partner A Chance To Agree On Terms
Can I sell my house before a divorce? Yes.
If you decide to sell a house before you get a divorce, it gives you the flexibility to choose terms, such as who will get what proportion of the estate.
By doing this, the unpleasantries of having to haggle with each other later on or go through legal proceedings.
Some marriages end in a friendly way, making this a viable option.
However, it may be difficult if you don’t feel willing or able to talk to your spouse.
Allows You To Sell Quickly And Move On Emotionally
Divorces can drag on for a long time both because of the length of time it takes for the courts to process a divorce, as well as the time it takes to divide all the couple’s assets.
Selling a home quickly is one less thing to worry about, helping you achieve closure faster.
Get A Cash Lump Sum To Start Your New Life
Divorce often brings profound changes to your life.
You may need to start a new job, change location, and pay out hefty legal fees.
Selling your house before the divorce takes places gives you a substantial cash sum to do with as you please, easing financial pressures.
Cons Of Selling A House Before A Divorce
You Need To Be On Good Terms With Your Spouse
If your relationship broke down because one person did something wrong, then you may not be on speaking terms.
Not being on speaking terms makes it hard to come to an arrangement about finances and the sale of your home.
You Might Sell At The Wrong Time
The property market goes through cycles.
Sometimes it’s hot and favours sellers, while at other times, it cools off, and buyers aren’t willing to pay as much.
If your relationship breaks down while the property market is at a low ebb, you could end up getting less money than you could have had you waited for proceedings to run their course.
You May Make A Rash Decision
When you’re going through a relationship breakdown, emotions can run high.
A relationship breakdown usually occurs after you discover something terrible about your partner, and you don’t often know how to cope with it.
Deciding there and then who will get what may not be the best idea.
Overwhelming emotions may cloud your judgement.
It may, therefore, be better to wait until after the divorce has gone through the courts before settling on a final negotiation.
Pros Of Selling A House After A Divorce
You Have Time To Process Your Emotions
When you’re going through the emotional rollercoaster of relationship breakdown, it can be challenging to make the right decisions.
Waiting to sell your house until after the divorce is a good idea because it gives you time to think clearly about the right approach.
How you divide your property assets depends on specific negotiations with your ex-spouse.
You Give Your Partner The Space They Need
Often your partner needs time to think about significant decisions, like selling a home.
By waiting until after the divorce, you give them the time they need to process what’s happened and work out who is going to get what.
You Can Wait Until Market Conditions Are Good
There’s only a limited amount of time between deciding that you’re going to get a divorce and for the divorce to be finalised.
That means that there is a short window in which you must sell your home.
Selling a house often takes a long time, especially if you want to get a reasonable price.
You may end up having to reduce the price of your property to make it sell faster, losing you both money.
Furthermore, when you have a limited time frame, you can’t wait to sell your house until market conditions improve: you often have to sell it there and then.
Again, by selling beforehand, you could lose money.
Waiting, however, gives you options.
You can bide your time once the divorce has gone through, and then sell at the opportune moment when the market appears to be on its way up.
Cons Of Selling House After A Divorce
Your Home May Not Sell Quickly
Leaving the sale of your home until after you get a divorce might mean that the divorce process drags on and you have to continue interacting with your partner well into the future.
It’s common for one partner to leave the house while the other remains during a relationship breakdown.
While this might seem like a perfectly reasonable course of action at the beginning, it can result in problems later.
Let’s say that you wait to sell until after the divorce, and one partner remains living in the property while the other lives elsewhere.
In this situation, the person who continues to live in the house can become comfortable.
Eventually, they may decide that they like their new lifestyle and don’t want to sell. If this happens, then it can drag out divorce proceedings for a long time while you find a solution.
It’s a good idea, therefore, to hammer out an agreement about what will happen to the house in the months following the divorce.
Setting time limits and expectations for both parties is essential.
Issues like this should be sorted out beforehand, so they don’t create problems later on.
You Need To Be On Speaking Terms
Many couples don’t want to talk to each other after a divorce: they want closure.
Organising the sale of a property after divorce often means having to interact with a person who hurt you – something you may be unwilling to do.
If you need help selling your property fast because of divorce, then get in touch with BPC today for a free valuation.