Divorce can be a difficult time for everyone, but it’s much harder when you have to figure out how to divide your home. You can’t just rip the mortgage in two– so what’s the best way to deal with your preexisting properties when going through a divorce?
Homes as Community Property
Under California law, houses and property are considered ‘community property’ if owned by a couple. This means that both people own equal shares of the home in Sacramento, which can be difficult if that couple is going through a divorce. This can also take effect if your mortgage is signed by you and your roommates, you and your parents, or anyone else you may happen to co-own a property with.
If this is true for your home, when you sell your house in Sacramento, both you and your spouse are entitled to 50% of the profits. If you and your spouse want to sell your home during the divorce, this is the simplest route to take– you’ll both receive half of the profits and get to move on with your life.
If One Spouse Legally Owns The Home
Things get more complicated if both of your names aren’t on the mortgage. This means that only one spouse legally owns the home, and therefore it’s technically their decision. You can make an argument that the house was meant to contain two people, especially if you can provide receipts to prove that your income went towards the mortgage or other expenses pertaining to the property. This is, however, a difficult refutation to make, and can complicate things if you have already said “sell my house fast for cash” so you can be done with the divorce.
Buying Out Interest
If you both own the house equally and only one of you wants to keep it, you can do what is known as ‘buying out the other’s interest’. This means that you pay your spouse an amount of money equal to what their share of the house would have amounted to, and the paperwork is swapped over so that you own the entire house. This may be a large amount of money, but it’s negotiable with your spouse, especially if they’ve already said “I want to sell my house fast for cash.” Think of it as buying the house from them, instead of from another seller.
What Are Your Options For Selling A House When You Divorce?
When you sell a home in Sacramento or anywhere else, you have many options on how to do it. When you divorce, however, those options become more complicated. If both spouse’s names are on the mortgage loan, both of you own the home in tandem. If one of you wants to keep the home, you must pay the other 50% of what the home is worth. If both of you want to sell it, you must agree to split the profits 50/50. Often it can help to work with a service like Rapido Homes. We buy homes fast for cash, and we’ve dealt with many couples who just want to get rid of their Sacramento homes quickly. Learn more about how we can help when you contact us today.