For most couples facing a divorce, the marital home is the only biggest asset left. Majority own their homes jointly though there are many who entered the bond of marriage with a home and never cared to add the name of their spouse later on. In case you’re someone who jointly owns the marital home, the decision of whether you should keep the home or sell it off is one of the most crucial decisions during the divorce process.
Even if the other spouse who chooses to stay back in the house intends to refinance or sell off the home at some point later, this doesn’t happen instantly. Hence, there are a number of factors that you have to bear in mind before wondering “Is it okay to sell my house fast Orlando?”
Know your options while selling your house in a divorce
In case the real estate is considered as marital property, married couples usually choose to sell of their house during a divorce. But the fact that most don’t realize is that there are 4 options as long as selling a house in Orlando or Florida is concerned. Check them out:
- Buy the portion owned by your spouse
One spouse might purchase the other half portion of the house that is owned by the other spouse to become the sole owner of the property. This is a viable option for all those who find it necessary to live in that house and also in the same location. A spouse who has sole custody of their child who studies in a school that is located nearby can go for this option. Also, if one spouse is in a job that is located near the house, he/she might go for this option.
- Sell off the house
Usually, the most reasonable option is to sell off the house. However, selling is always not so easy as there might not be any suitable buyer during that time. Once the house is sold, the former couple could divide the proceeds of the sale equally among them. This money can be utilized for paying for debts, divorce costs, or even for buying a new apartment or house. In case they are not able to agree on dividing the sale proceeds, they may get in touch with a property division lawyer.
- Co-own even after a divorce
A less feasible yet more common option is to co-own the house even after going through the process of divorce. But this option is definitely not a worthy option if both the former spouses don’t get along well with each other. If both the spouses end up in co-owning the house, they have to reach a conclusion on maintaining the house, splitting bills for taxes, mortgage, utilities and others and make joint decisions on how the house will be used.
- Disburse the assets equally
One more common way of splitting marital assets without going through a house sale is by fairly dividing the assets. By this, we mean that one spouse is allowed to keep the house while the other one would claim other type of marital asset of the same value to make the deal worthwhile. For example, one spouse will maintain the marital home and the other spouse will take bank accounts, motor vehicle, savings, or other valuable assets of the same amount. This is not a worthy option for someone who doesn’t have any marital asset.
Therefore, if you’re going through a divorce in Florida and you’re concerned about keeping or selling your house, keep in mind all the above-mentioned factors.