Anticipate property dispute along the wayUnless you’re in a completely amicable relationship with your spouse, property disputes may occur. You’ll want to be prepared for them by anticipating these disputes and speaking to your lawyer about them when the need arises. Here are some common disputes to watch out for:
- The house is immediately sold and profits are split.
- Your spouse insists on staying in the property until your eldest child turns 18, and only then can it be sold.
- Your spouse buys out the other legal interest and successfully keeps your home.
Find out if the property you want to sell is marital or non-marital
If it turns out that the property you want to sell is non-marital, you can immediately sell this without needing to go through your spouse.
As a general rule, any property acquired before the marriage is not considered marital. This includes property you owned while you were still single, and even property that you acquired together before marriage. This also includes property that was given to either of you (or the both of you) as a gift.
However, wanting to sell marital property means you will have to wait for the court ruling on equitable division of property. The court will determine how much each spouse is entitled to in terms of their marital property, and this will be split as evenly as possible.
Know your optionsThere are many ways you can earn from the sale of marital property without causing further aggravation between you and your spouse throughout the divorce process. Here are a few of them you can take:
1. Divide large assetsThis is a good solution for couples who co-owned a lot of valuable assets together. Finding out what to sell and how to divide profits can leave the both of you with a nice, profitable clean slate ahead. For example, with the help of your lawyers, you can agree to sell the property, but your spouse can sell all the artwork you purchased together.
2. Buy out your spouse’s shareIf you want the property all to yourself and know you’re capable of buying out, consider doing so. Not only will this let your spouse know that you respect their share, but it can help you legally sell the property for an even higher value than initially expected.
3. Co-own the propertyThis is a great solution for amicable couples. You can opt to either allow your children to not leave their childhood home, or you can rent the property out to another tenant while being able to constantly earn from asking the new tenant for rent every month. This can also help the both of you pay for the cost of divorce. It can be a pretty expensive endeavor, and co-owning can help the both of you end the marriage as quickly and cleanly as possible.
Need more info?
You can contact Solid Ground Property Group, LLC today. We are a cash home buyer buying houses in absolutely any condition in Baltimore, MD. Throughout the buying process, no need to worry about realtors, extra fees, commissions, repairs, or even having to clean the property. We take care of all of this for you and only provide you with legitimate cash offers for your property.
To get your fair cash offer today, visit our website and provide your full name, email address, and phone number. No need to get pre-qualified for a bank or listed on Zillow.