Selling Your House While Divorcing in New Jersey

If you’re going through a difficult divorce and trying to figure out what to do about your unwanted real estate, then keep reading this blog post to give you our best suggestions about selling your house while divorcing in New Jersey

Divorce can be challenging and emotional. Yet, amid the difficult situation, you might be like other divorcing couples who own a house and are trying to figure out how to go about selling your house while divorcing in New Jersey. Here are our best strategies and ideas to help you navigate the real estate portion of your divorce as carefully and efficiently as possible.

Houses In Divorce Can Be Complicated

During a divorce, the two parties seek to split their assets in half. For some assets that are liquid (such as money), it’s very easy to do. For other assets, including real estate, it’s much harder to do because how do you split a house in half? It’s one asset that derives its value from being whole, and it’s usually a structure built on a plot of land, so it’s not going anywhere.

Since cutting the house down the middle isn’t an option, should one party get it or the other? In some divorce cases, one party may be given the option to keep the house, but this often comes with the condition that they must bear the financial responsibility associated with it.

This financial burden can be a substantial expense, and it occurs at a time when individuals are generally reluctant to incur additional costs. Navigating the complexities of property division in a divorce, especially when it involves a house, requires careful consideration and often involves difficult decisions about ownership and financial responsibilities.

Here’s How To Split The Real Estate Asset

The best way to split the real estate asset is to sell it:

The decision to sell the property is often the most practical approach to handling real estate in a divorce. This is primarily because the property itself might have some expenses incurred during the sales process, or there might be outstanding bills, or there might still be a partial outstanding mortgage on the property. So, selling the property allows the divorcing parties to liquidate their shared asset and use the proceeds to settle any outstanding financial obligations.

Once the property is sold, the next step is to direct the attorneys to apply the money earned from the equity to cover any existing debts. The remaining amount can then be split between each party, with each party getting an agreed-upon percentage (such as 50/50).

But this begs the question — how do you sell the property?

Navigating the process of selling a property during a divorce involves several considerations, including finding a qualified real estate agent, determining the optimal listing price, and coordinating the logistics of the sale. Additionally, both parties must collaborate on decisions related to the sale, ensuring a smooth process that maximizes the value of the asset and facilitates an equitable division of the proceeds.

The Fastest Way To Sell A Divorce House

When it comes time to sell, most people think of selling the traditional route which is through a real estate agent. Unfortunately, selling your house while divorcing this way can present several challenges:

  • Out-of-Pocket Expenses: Real estate agents often require homeowners to invest out-of-pocket to fix up the property before listing it. The question arises – who bears the financial responsibility for these necessary repairs?
  • Lengthy Listing Process: The conventional method of selling through an agent can take considerable time. The agent lists the house, a process that may stretch from 3 to 6 months or even longer. But can either party afford to wait that long, especially during the sensitive period of divorce proceedings?
  • Complex Negotiations and Paperwork: The agent involves both parties in negotiations with potential buyers, leading to a LOT, a significant amount of paperwork being shuffled back and forth. This complexity adds stress and prolongs the overall process, potentially exacerbating the challenges of divorce.

This is a costly and time-consuming way to sell, and it can actually make the divorce proceedings so much worse.

Fortunately, there’s another way to sell and that’s to sell your house to a real estate buying firm (which is what we do here at Beacon Realty Investments). The real estate buying firm will buy your house quickly, for cash, in as-is condition (and as a bonus, there are never any commissions or fees to pay). You don’t have to clean up or fix up the property and the sale can be completed in days, not months, with very little paperwork.

If you’re going through a divorce and want to just be done with it and move on with your life, just reach out to us and tell us about the house you want to sell. We specialize in buying divorce houses and we can help you expedite your divorce by buying this house from you.

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