Sell Your Seattle House During A Divorce
Posted in Selling a House on February 14, 2023
How can you go about selling a house in a divorce?When dealing with something as difficult as divorce, we understand it can be hard to gather all your thoughts and make good choices. Having a house involved makes it much more complicated.
In this article, we’ll answer some common questions you may have, such as: Who gets the house in a divorce? How is that determined? What’s involved in selling a house after a divorce agreement?
You will also learn a few laws and guidelines in the state of Washington regarding ownership after a divorce so that you can better weigh your options.
If selling a house in a divorce is the best choice for you, we have a hassle-free way of getting that done fast.
How is divorce treated differently in the state of Washington?Splitting your marital property (the property bought or owned during your marriage) depends on whether you live in a community-property state. If you live in a community state, that means any property that isn’t considered separate between you and your spouse will be split 50/50.
Washington is one of the few states that consider your marital assets to be community property. So, determining who gets the house in a divorce will be based on when the house was bought and how it was paid for.
If your house was purchased or payments were made toward the mortgage during your marriage, it would be classified as an asset shared between you and your spouse. You would be co-owners with an equal stake. States that don’t have this rule use equity between the partners to determine how everything is shared.
For your house to not be considered community property, you must have purchased it on your own and paid it off before your marriage.
What can you do with your house in Seattle?You have a few options available if your house is currently owned 50/50 between you and your spouse.
One option is to buy out your spouse, paying for the half of the property they own. You can calculate this by subtracting the appraised value of the house from the current mortgage and dividing the amount by two. Do this, and you can have sole ownership of the house and may do with it as you please.
Second, you can decide to continue owning the house 50/50 and rent it. You would need a plan for how to make the payments for the house and have a formal agreement designating responsibilities. Leasing your house is a great opportunity for passive income.
Third, selling your house may be your best option. You can cut out all the complicated processes that come with co-owning a house and go with downsizing. Selling a house in a divorce is one of the fastest ways to move forward in the separation. You can move out, set all the assets on the table, and possibly have the money to pay your divorce fees.
America’s #1 home buyer has a pain-free solution for selling a house in a divorce.We Buy Ugly Houses® will buy your house “as is,” fast for all cash. We often close in as little as three weeks, or later if that works better for you. You don’t have to bother with cleaning or bringing someone out to make repairs either. Plus, we don’t charge commissions, and we pay typical closing costs.
We’re an excellent choice for you if you want to skip the long steps and potential expenses of traditional home selling. You can shift your focus to how your money will be split and paying off your legal fees.
Our local property specialists in Seattle can come to your house for a free, no-obligation consultation. They often give homeowners a cash offer on the spot.
With more than 25 years in the home-buying business, America’s #1 home buyer has helped countless Seattle homeowners with a fair, fast cash offer when they’re selling their house after a divorce agreement. Contact We Buy Ugly Houses—we can buy your house quickly and will be there with you every step of the way.
Call We Buy Ugly Houses at 866-200-6475 to get started.