So if you’re wondering, “Can I sell my property in Houston during divorce?”, the short answer is that you can. You also have the option of letting your spouse keep the house while you get another asset equal to the property’s value and vice versa, but this is something you should discuss further with your divorce lawyer. But here are a few things you should know – including the benefits of selling your property to a cash homebuyer in Houston, TX in case of divorce settlements.
What Happens to a House During Divorce?
Under Texas divorce laws, there are two types of property: separate property and community property. Separate property includes property you owned before the marriage, gifts, or inheritances. If you can prove that your home falls under any of these stipulations, then only you are entitled to that property and do not have to sell it during the proceedings.
On the other hand, your home is considered community property if both you and your ex-spouse bought the property together during your marriage. This means the property will need to be divided equally.
Many former couples have found various ways to settle this: many end up selling the property and divide the proceeds from the sale, but some choose to let one spouse remain living in the house while the other spouse gets another community asset. Some couples even opt to continue living together or keeping joint ownership, renting out the property, and splitting the proceeds. There are many options to consider depending on how you and your ex-spouse can work it out, so it’s best to discuss this with your divorce lawyer.
Reasons You Can’t Keep the House
In some cases, it might be impossible for either of you to keep the house. For instance, if you haven’t finished paying off your mortgage, whoever gets the house may have a difficult time paying mortgage since your mortgage was based on your joint income. Another situation is when one spouse does not want to live in the house while the other might relocate to a new city or even a new state to start fresh.
Another reason to sell your house is because, if your mortgage isn’t fully paid yet and you agree to let your spouse keep the house, you’re still liable to pay the mortgage if your spouse does not refinance the mortgage. Regardless of your divorce proceedings, if your name is on the mortgage and your ex-spouse misses payments, the lender is entitled to go after you.
In case your financial or logistical situation makes it impractical for one or both spouses to keep the house, your best solution is to sell the property.
Sell to a Professional Home Buyer!
When you and your spouse sell your community property, selling to a cash homebuyer in Houston, TX is the best solution. Selling your property in Texas’ real estate market can take an average time of 84 days – 49 days to receive an offer and 35 days to close. Not only does this take so much time, but it can be exhausting to deal with even after your divorce has been finalized. This can disrupt your healing process and moving onto the next chapter of your life as you still have to deal with the long process of selling.
In comparison, selling to a cash homebuyer can be as fast as a few weeks. After contacting Ohana Legacy Properties, you can receive a fair cash offer on the property within 72 hours or less. Once you accept, the closing process can begin and the money can be transferred to you in as little as 14 days. From there, you and your spouse can divide the proceeds, finalize the divorce, and move on with the next chapter of your life.
Need More Information?
Ohana Legacy Properties is your trusted cash homebuyer in Houston, Texas. We buy homes as-is and pay with our own money to minimize the delays of selling a home. We handle the documentation and closing fees for your convenience, giving you a fast and efficient experience. Our team understands the importance of selling your home fast during divorce proceedings, so we take steps to speed up the home selling process so you and your spouse can resolve the matter of your property as soon as possible.