Divorced & Want a Fast Solution to Sell Your North Carolina Home?
If you’re getting a divorce and need to sell my home quickly, you’ve come to the right blog.
Many individuals may panic, however they don’t need too. Divorce is among one of the leading factors houses get sold quickly. People may need fast cash for homes when they get divorced, often to cover large costs and because the sale of the home is a condition of their settlement. No matter what the circumstance, we can help you sell your house fast and without the stress and time of hiring an agent.
While going through the process of selling your house after a divorce, you need to know all the options available to you. Your options may be dependent upon how you and your spouse are handling your divorce. It’s in the best interest of both parties to discus and agree upon the property before heading to court.
Paying the Mortgage During a Divorce
If you’re like most couples, both of your names will be on the deed for the home. Meaning, there is one place both of you can call home, but usually during a divorce you won’t want to live together. So, who stays in the home while the other moves out? I can’t answer that for you, but it is one of the many things that will need to be decided regarding your real estate and while you’re going through the divorce.
In North Carolina, you are required to be separated for a year before your divorce can be granted.
Since emotional stakes are bound to be quite high, it’s best to put everything in writing. If you’re not working through an attorney, best to have a friend review in advance to make sure you’re not leaving anything out or if anything should be clarified.
Keep in mind that you there’s a chance one spouse will stop making payments, so be sure to account for that scenario in your agreement. Also, it’s best that any payments to cover these expenses are actually used to cover those expenses, instead of the spouse spending money on something else.
One example of something to put in writing – who will live in the house, make mortgage payments, pay utilities and all other necessary upkeep items (e.g. mowing lawn, repairing roof, etc.).
Be Aware of Tax Impact
When you are married, you have a joint capital gains tax exclusion of $500,000, individually it’s $250,000. So if you divide up the assets and one person gets the house, they’ll pay extra if the equity is greater than the exclusion. This is why if you decide to sell your home, it’s best to do so before the divorce is final.