How to Decide Whether to Sell Your Home in The Divorce Part 2
Going through a divorce is hard enough as it is, but now you also need to decide what to do with your home. In Part 1 of this article, we discussed one of the two main options for divorcing couples: one person buys out his or her spouse and keeps the home. Today in Part 2, we will explore what happens when a couple decides to sell the home and split the profits. Since we buy houses fast in Clarksville, TN, we have a great deal of experience helping couples get things done as quickly, painlessly, and profitably as possible.
Selling Your Home
A divorcing couple has the option of selling their home and splitting the profits. In fact, 61 percent of couples go this route, making it the most popular solution.
When you sell the home you had together, neither person will need to struggle through sole ownership of a home they bought under the assumption of two incomes, and neither person will need to live among the sad and angry memories they associate with the house. Often, a fresh start is best for both people involved.
Furthermore, there are tax benefits to selling your home while still married. According to capital gains tax law, married couples can exclude up to $500,000 in profit, while single people are only entitled to an exclusion of $250,000. The home must be your personal residence rather than an investment property, and you must have lived in your home for at least two of the past five years.
Selling Your House Fast
Between the financial benefits and the ability to completely start over, it’s no wonder that selling the family home is the option that the majority of divorcing couples choose. But will you have enough time to sell?
Sometimes a divorcing couple is ordered by the court to sell, and often this also comes with timeframe requirements. Even if this isn’t the case for a given couple, many couples are eager to sell their home, finalize the divorce, and be done with this devastating and exhausting phase of life.
Once you have decided to get a divorce, there is no reason to drag out the hard part. Having your home sit on the traditional real estate market for months or even a year is the last thing that a divorcing couple needs on top of everything else.
When you sell to Gateway House Buyers, we will make you a fair cash offer for your home, and usually in as little as 24 to 48 hours. You can bypass the hassle and wait time of the traditional real estate market, get your divorce finalized, and begin your new phase of life.