If you’re about to proceed with a divorce, you should know that each is unique. As such, planning a strategy around these life-altering events can be a little challenging. For instance, what do you do with assets that have aggregated throughout the partnership?
Assets, irrespective of type, comprise an inherent value and some form of ownership. One of the most significant value assets is a home. Mishandling this asset alone can make or break an entire divorce for one or more stakeholders.
Before making any decision, seek professional advice from perhaps a family law firm. Never act in haste or get wrapped up in emotional decision-making processes, no matter the turbulence. Here we provide you with one possible option that may get overlooked during the divorce process.
Separation and Selling Your Home
Seldom after divorce do many want to stay in a home they bought during the relationship. These assets continually remind the residing party of the pain of the divorce, and many want a fresh start.
The question is, why try and fight over a property that any party will never keep over the long term? You could argue that liquidating assets can expedite the process of getting everyone to a brighter horizon sooner.
The problem, however, is most homes will still have an outstanding debt from one or more mortgages. Most other assets don’t have this issue. If you opt to separate, you will still need to pay the mortgage until you fully pay the lender. A home cannot change hands until this occurs.
This rule means equity that you could use to buy new homes with different people cannot happen. If you’re in this situation, you need to get your money out of the property as soon as possible to stop you from renting property. When it comes to divorce, you need money to set yourself up for the next stage of your life.
What stops people from selling a home, though, is the perceived time they think it will take. Usually, properties are sold by putting them on the market, arranging viewings, and dropping the asking price until sold. Unfortunately, this can generally take months and years and can be a significant challenge even after a divorce.
At this point, you should note that WeBuyAnyHomeExperts can buy your home within seven days of an initial call. Then, we can give you an evaluation over the phone and verify it through an onsite visit within 24 hours!
We don’t make our profits from buying your property through hidden fees or asking for less than fair market value. Instead, we integrate our costs into our sale of the property later; this means you don’t have to worry about us trying to take advantage of your divorce!
Therefore you can quickly sell your property before or after the divorce for fair market value. Also, all of the experts we use are completely free to you during this process. There are no hidden charges, bundled offerings that cost you money, nothing!
While you are a logical and rational person, there is no telling if the other person is likewise at this point in the divorce. However, just remember that absolutely no one can be forced out of their property unless, of course, a domestic abuse claim is made. So, if you don’t want to move out, no one can force you to.
Also, remember that emotions run high, so if needed, use a mediation service if you feel it’s needed. They help segregate emotion and allow better decision-making processes to occur.
When working through a divorce that involves property, you’ll need to define the following when deciding on the best course of action.
- How much both parties earn.
- If the mortgage is sustainable and payment adjustments can be made if needed.
- Who has custody of any children or pets that were part of the relationship?
- What other assets and savings are involved.
- What financial, emotional, or practical ties each party has invested in the relationship.
- The period of the marriage or civil partnership.
A mediation service is specialized in finding these pieces of information out; they could save you time. Once you have agreed on these points, a solicitor can verify this legally. If these points are not agreed upon, the dispute will need to go to court.
You’ll be required to apply for a financial order and present a case. This process can take a lot of time and money while damaging relations between parties further. Additionally, the disputed claim will likely be difficult to impossible to prove outright.
When there is no clear evidence favouring a party, they may leverage children or family obligations with the judge. This step works typically, so you may need to consider this before disputing a claim outright. You may wish to take on a divorce specialist to help you negotiate and resolve a settlement quickly. You don’t need to bow to pressure; there are many ways to get what you want.
This process can include selling your property as property has a disproportional value compared to other assets. Like a queen in a chess game, many covet it; as such, taking it off the board with divisible cash can calm down tensions and help you get a fair share of all assets.
If you’ve any interest in selling your property quickly to finance your next step in life and remove yourself from a reminder of a mistake, give us a call. We’ll ask you some pretty straightforward questions and give you a FREE evaluation over the phone.
Then, if you choose to proceed, we can get two estate agents to your property to survey to verify the assessment. Again there is still no obligation, but if you choose to proceed, we’ll start the ball rolling.
WeBuyAnyHomeExperts is the largest home buying company in the UK, and we’ve dealt with many sellers that have been in your particular circumstance. All of them have been thankful that they found us as it’s helped them to move on.