Selling a House During Divorce in Houston

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Marriage is the union of two hearts and we don’t celebrate when these unions separate, but it’s life. The only thing certain here is the uncertainty.

Without question, going through a divorce is a stressful time. You need to make important decisions regarding your life, and that includes the financial aspect. As a couple, your most important asset is your home. Before separation, you must decide what you will do with the house.

  • You can keep the home as a family asset for your family
  • Refinance the mortgage so one of you can keep the house
  • Make the home a rental property
  • Sell the home before the divorce and split your equity

Dissolving a marital asset is not an easy task. If you have kids, it is your responsibility to safeguard their future. An important point to note here is that the reason for the divorce does not matter; you have decided to dissolve the union. Now it is time to leave emotional issues aside and do what’s best for you and the future of your family.

Tips on Selling a Houston House During Divorce

Texas is a community property state. That means, the court will distribute the marital property equally between both spouses although there are a few exceptions:

  • The court has the right to distribute the assets as it seems just. The judge will consider the well-being of children and both spouses.
  • Most likely, marital property (gifts, jointly owned accounts, and real estate) will be distributed in a 50-50 fashion unless both spouses agree to a different approach.
  • In some cases, if one spouse earns more (has a professional degree or is financially settled), the court might award him less than a 50% share.
  • Similarly, if one spouse was the breadwinner, he/she might get more than 50% equity. The division depends on individual circumstances or whether you a file a ‘no-fault’ divorce.

Now you must decide what to do with your home?

Keeping the house as a family asset

If you have kids and you want to keep the house, then it is crucial that you both contribute to the mortgage payments. Your names will be on the mortgage contract as joint owners. The problem with this scenario is that if one of you defaults, the other one also experiences issues. It’s going to be a financial partnership and if you can make it work, keeping the house as a family asset might be an invaluable gift for your kids.

Refinance the House

Never sign the ‘quit-claim deed’ without understanding the consequences. A quit-claim deed removes your name from the mortgage contract. However, it doesn’t eliminate your obligation to pay the mortgage. You’re still responsible for mortgage payments, and your credit score will suffer if you or your spouse stops making loan payments. You have a loan under your name, and the pending mortgage makes it challenging to get approved for a second loan.

If you want to keep the house, the only option is to refinance the property. You might experience issues refinancing the mortgage because:

  • You’re applying based on individual income
  • Your credit score might not be good
  • The interest rates are high

Still, if you want to keep the house you must refinance the property. Otherwise, you’ll lose the ownership of the property,but you will still be liable for mortgage payments.

Sell the house before the divorce

In such situations, selling your home for a cash price is the most suitable option for both parties. You can get cash and split the equity and avoid spending thousands on attorney fees, repairs, and commissions. When you’re trying to sell a home in Houston before a divorce:

  • No one is responsible for maintenance and repairs
  • The house might not be in its best shape
  • Spouses don’t always agree on hiring the same realtor or the same sales price for the property

A cash offer solves these problems.

You don’t have to worry about financial or inspection contingencies and there are no closing costs or commissions to pay. More importantly, you don’t have to worry about repair costs, maintenance or renovations. You don’t even have to clean the house.

Going through a divorce is tough. While we cannot heal your personal situation, we promise to make selling a smooth experience for you. Please contact a reputable cash buying firm in Houston,and you can sell a home in Houston within days.

Choose a Right Company to Sell Your House

It’s critical to hire the right company to complete the sale of your home. There are various house selling companies in Houston? Which company should you choose?

During a divorce, you can’t afford a delay. Financially speaking, any delays will cost you attorney fees and holding expenses. Emotionally speaking, the experience can be draining and stressful.

When you work with a Houston house buying company, ensure to have a guaranteed offer in your hand and complete the sale of your home in as little as 10 days.

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