![]() ![]() You'll likely sell for a higher price when you work with an agent, and as long as you're up front about what you need, they can help you in your specific situation. If you're pressed for time, you can ask your agent to present you only with cash offers from vetted, local buyers. But we still recommend consulting a real estate agent.Ī realtor will work with you to appraise your property and determine how much it could sell for on the open market. If you have to sell quickly (in a week or less), a cash buyer is often the fastest option. If you and the property’s co-owner decide to sell the house, you have several options. Steps to take with your home after a divorce Determine the best way to sell This is especially common in a community property state, where it's the law to splitĮverything 50/50. That way, you can divide the net equity and enjoy a cleaner split.Įven if you don't want to sell, if you can't agree on how to split up the house, the court may order you to sell it as a factor in your divorce proceedings. If neither you nor your ex-spouse has an attachment to the property or the capital to buy each other out, it's often best to sell. While things like cutting the grass and paying the utilities might seem inexpensive, they add up, especially when you're paying for them yourself. If your income isn't, you'll probably have to sell the home, unless you can't come to another arrangement.Įven if you do qualify for a new loan, don't forget to calculate the cost of maintaining the home. If you refinance, you'll need to show the mortgage lender that your income alone is high enough to qualify for the mortgage. This is why you'll often want to refinance even if you have the money ready to buy out their equity. ![]() Refinancing also eliminates your ex-spouse's name from the mortgage, meaning they won't be held legally responsible for making payments. By refinancing, you canĬash out the equity you've built up and use it to buy out your ex-spouse's portion of the house. If you don't have the money to buy out your ex-spouse, you may be able to refinance the mortgage. Refinance the mortgage to buy out their portion of the home ![]() □ Connect with local realtors, get expert advice Clever can help you find a great local realtor with experience helping divorced couples - and it offers additional benefits, like built-in savings on realtor fees when you sell. To find a realtor with the right type of experience, we recommend trying a free agent matching service like Clever Real Estate. An expert realtor can help you explore all your options. If you're considering a house buyout in a divorce, it's a good idea to talk to an experienced local real estate agent before making a decision. Consult a divorce attorney to help you sort this out. Your ex-spouse's equity might depend on what state you live in and whether you owned the house before you got married. When you buy out their equity, you'll pay your ex for their portion If you bought the house together, you'll typically split the equity equally. If you and your ex-spouse owned the home together, you'll likely both have equity in the home. What are my options with our house after a divorce?Īfter a divorce, you have a few options when it comes to splitting up your home. This is called a house buyout, and though it's common, it's just one of several options. One option is to buy out the remaining amount on the mortgage from your ex-spouse. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.Divorce buyout calculator | How to calculate a home buyout | Your options after divorce | House buyout | Refinancing | Splitting proceedsĪfter a divorce, deciding how to deal with a shared home can be tricky, especially if you're no longer on good terms with your ex-spouse. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. ![]() Our goal is to give you the best advice to help you make smart personal finance decisions. Editorial Independenceīankrate’s editorial team writes on behalf of YOU – the reader. Our editorial team does not receive direct compensation from our advertisers. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. ![]()
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