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Selling a House During Divorce in Texas Guide
Do you need to sell your house because of your divorce but don’t want to pay a bunch of costly seller fees? The unfortunate truth is that divorces can be complicated and expensive, and when you’re dividing your assets, you don’t want to pay even more fees when you sell your marital home in Texas. The good news is that even if you’re going through a divorce, you can still sell your marital home to a cash buyer. Let’s examine the basics of listing your house for sale during a divorce and the specifics of choosing to sell your marital property to a real estate investment business that pays cash for homes that are part of a divorce. Learn more about Our Process here.
TABLE OF CONTENTS
- What Can I Expect When Selling a House During a Divorce in Texas?
- Which Spouse Receives the House in a Texas Divorce?
- Is It More Beneficial to Sell Before or After the Divorce?
- Which Spouse Remains in the House During Divorce in Texas?
- Alternative Options to Selling During Divorce in Texas
- Divorce House Sale Texas Frequently Asked Questions
- Choosing the Easiest Way to Sell a House During a Divorce in Texas
What Can I Expect When Selling a House During a Divorce in Texas?
If you’re a seller who needs to put your shared property up for sale, you may be worried about the legalities and complexities. While sellers going through a divorce have to go through more steps in order to cash out of the property, it doesn’t have to become an overly difficult situation. Let’s take a look at the steps involved in listing your home for sale while you’re going through a divorce.
Step 1: Find a Divorce Attorney in Texas
When you realize that you and your spouse are no longer getting along and the issues aren’t likely to be resolved, you’ll need to find a divorce attorney. A good divorce lawyer can help you fill out the divorce paperwork and navigate through the divorce process. If you have a marital house, they can also provide you with advice on how to get approval to sell it and how you might split the proceeds after you’ve finished your seller duties.
Step 2: Look up the Owners of the Real Estate
One piece of advice that your divorce lawyer might provide to you is the suggestion to find out who owns all of your real estate and when the properties were purchased. This is because you and your spouse may have jointly owned properties and separately owned properties. In general, separately owned properties that were purchased before the marriage are the property of the spouse listed on the deed, and jointly owned properties are owned by both of you. There is also a gray area if a property purchased by one spouse was purchased during the marriage. In the latter case, you’ll need to have a court decide if those properties are part of the marital assets and who will act as the seller.
Step 3: Choose a Method of Selling the Property
Once you’ve determined when the properties were purchased and who owns them, you’ll need to decide how you want to sell the houses. After all, you and your spouse may own your primary residence as well as vacation and investment homes. The good news is that, as sellers, you have lots of options when it comes to listing real estate for sale. You could choose a real estate agent and work with them to sell your house. You could list your house as FSBO (For Sale By Owner), or you could choose a professional investor who can purchase your home in cash.
Since all of these methods of putting a house up for sale have their own pros and cons, you, as the seller, will have to decide which one works best for you. However, if you’re looking for a fast way to sell your house while minimizing the number of fees you have to pay, a cash-for-houses company may be the right choice for you. Selling your house for cash means that the buyer doesn’t have to wait for a lender to approve the mortgage. There are also no commission or loan origination costs. The cash buyer also pays all the fees at the title company. This means that you may be able to close in as little as a few weeks, and you’ll get to keep more of the money from the sale of your home.
Step 4: Sell the House
Once you’ve accepted the cash buyer’s offer and agreed to sell the home, you’ll set up a time to meet with the buyers at We Buy Houses For Cash Dallas. Title companies research titles and deeds to properties to ensure that there are no additional owners of the property and that there are no liens on the home. If the title is clear, the home sale is finalized, and the cash-for-houses company hands you a check.
Step 5: Split the Proceeds From the Home Sale
Once you have your money and have paid any debts related to the home, it’s time to split the proceeds of the sale with your spouse, according to the terms of your divorce papers.
Which Spouse Receives the House in a Texas Divorce?
The divorce laws in Texas don’t dictate who gets the house after the divorce. If you want the process to go as smoothly as possible, it’s best to communicate with your soon-to-be ex-spouse. As you talk about the house, you may determine that one of you needs the house more than the other, or you may decide that choosing a primary seller and selling the property is the best choice. If you can’t agree, you may need to return to court and state your position to the judge.
Is It More Beneficial to Sell Before or After the Divorce?
Many couples in Texas choose to sell the house before starting the divorce proceedings. This is because they want to be able to divide the profit from the house equitably without the court’s involvement. This can speed up the process of dividing your assets because you’re not waiting on the court to decide the fate of your house. As joint sellers, you may also be able to attract higher bids on your home because you have time to wait for the right buyer.
When you list a house for sale after your divorce has been finalized, you must abide by the divorce settlement. This means that the judge may rule on the minimum value for the house. He or she may appoint a seller and tell you the method for selling your house, and you’ll have to divide the profits according to the court order.
If you can’t decide whether to sell the house before or after the divorce, you may want to consult with a divorce attorney. Divorce attorneys can provide you with legal advice and explain the pros and cons of listing your house for sale after the divorce proceedings have started.
Which Spouse Remains in the House During Divorce in Texas?
The Texas divorce laws don’t dictate who gets to stay in the family house while your divorce is ongoing. The best solution is to communicate with your spouse. Together, you can figure out who is best able to afford the mortgage payments and upkeep while you’re going through the divorce. If you have children, you may want the primary caretaker to have possession of the house while the divorce is being finalized. If you and your spouse can’t make a decision due to disagreements, you’ll have to go to court and speak with a judge.
Alternative Options to Selling During Divorce in Texas
When you’re facing divorce, deciding on what to do with your marital property can be challenging. Should you list the marital property for sale or choose a different method? The truth is that you have several options when it comes to dealing with your marital estate. You could choose to co-own the property, buy out your spouse, or let the house be an asset by itself.
Co-own the Property with Your Ex-Spouse
Instead of one spouse becoming the seller and listing the home, you could choose to co-own the property. In this scenario, you’re both listed on the title, and the co-ownership paperwork stipulates how much of the property each of you owns. If the house were to be sold at a later date, the profits from that home sale would be split according to the co-ownership agreement. It also means that if one spouse dies before the other, the surviving spouse will receive the property in full.
Opt to Buy Out Your Spouse
If you really want to continue to reside in the house after your divorce and your spouse does not, you could opt to buy out your spouse, meaning that you would give your spouse the value of their stake in the property in cash. In order to accomplish this task, the spouse who wants to become the full owner of the property could take out another loan for the amount that they owe their spouse, or they could refinance the home and pay the other spouse their share out of the equity.
Split the Marital Assets
Instead of splitting the house, the house could be its asset. In this instance, one spouse would receive the house, and the other spouse would receive property or assets that are worth the approximate value of the family home.
Divorce House Sale Texas Frequently Asked Questions
We all know that going through a divorce can be costly, and choosing to be the seller of your family home and listing it for sale before the divorce can help provide you with the funds that you desperately need to find a new place to live and pay off old and new debts. However, many soon-to-be divorced spouses still have a few questions about the process of listing a house for sale while facing a divorce.
Can I sell marital real estate before the finalization of the divorce?
If you are determined to be the seller of your marital house and list it for sale before the finalization of your divorce, it’s possible. One of the ways that soon-to-be divorcing sellers deal with the issue is by listing the home for sale before filing the divorce paperwork. This is because once you’ve filed, you may have to wait until the court dictates the division of assets.
Is Texas a 50-50 divorce state?
Texas is a communal property state, not a 50-50 state. Instead of 50-50, the assets acquired during the marriage will be equally distributed to each spouse, according to what is just and right. The just and right clause means that many factors will be taken into consideration, including the length of time that the couple was married, the financial needs of each spouse, the financial ability of each spouse after the divorce decree is finalized, each spouse’s contribution to the marriage and how the spouses conducted themselves in the marriage. If all things are equal, the assets may be divided 50-50, but generally, that’s just the starting point.
Will I have to pay capital gains tax if I have to sell my house as part of the divorce?
You may have to pay capital gains tax on the sale of your marital estate. However, it’s dependent on how and when you sell the house. If you’re acting as the seller as part of the divorce decree and using the profits from the sale of the home to purchase another home, you may be exempt from paying capital gains tax. To get a clear picture of whether or not you’ll have to pay taxes on the profit you receive from the sale of your home, you’d do well to employ the services of an accountant or tax lawyer.
If I have to sell the house for financial reasons, can I list it for sale without my ex-spouse’s approval?
You cannot become the seller of your marital estate and force your ex-spouse to sell the home if he or she doesn’t wish to sell it. If you’re on good terms with your ex-spouse, you might list your reasons for wanting to put the home up for sale in hopes of agreeing, but if you can’t, you’ll have to get the courts involved.
If my partner refuses to let me sell the house, what can I do?
If your ex-spouse refuses to sell the marital house, you can hire a mediator or go back to court. During the hearing, you’ll need to state the reasons you wish to become the seller of the house and list it for sale. Your ex-spouse will also be able to state his or her reasons for wanting to leave the home off the market. If the judge agrees with you, you will receive a court order that allows you to assume the responsibilities of the seller and list the house for sale.
If you don’t find answers to your questions here, please contact us. We can provide tips and answer questions about tax, equity, cash payments, etc.
Choosing the Easiest Way to Sell a House During a Divorce in Texas
If you’re looking to minimize your time as the seller of your marital home, the best option is often to find a reputable cash buyer. Choosing to sell your property to a cash buyer is less costly and faster because the cash buyer handles all the small and large details. They’ll even calculate the best value for your home and present you with a fair offer.
At We Buy Houses For Cash Dallas, we offer a fast, hassle-free way to sell your marital property without having to hire a Realtor or pay commissions and other fees. We also don’t require sellers to make repairs or clean the property. If you’re ready to make a cash deal and sell your shared house quickly, we’re ready to buy it. Just contact us today, and we’ll get to work putting together your custom offer. We buy houses that are part of a divorce, in danger of going through foreclosure, or simply need too many repairs.
We buy all types of homes across Texas, including mobile homes, stick-built homes, and condos. If you own a house in Austin, Dallas, Houston, Fort Worth, Dallas, Arlington, or any surrounding area, we’re ready to purchase your home in cash.
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