Many marriages end in divorce. So, if your marriage is one of those ending for a number of reasons, the best thing to do is to move forward and start a new chapter in your life. However, if you and your spouse have marital assets like a house in Melbourne, Florida, divorce proceedings will need to deal with what will happen to your property.
Unless you have a prenup or can agree on who gets what, then your proceedings will follow Florida’s equitable distribution rules. If you’ve agreed or are ordered by the court to sell your home, you’ll want to sell your house in Melbourne, FL as fast as possible. Here’s the process you need to know – and why a cash homebuyer like Anchored Homes can help.
Undergoing Divorce Proceedings
The answer to who gets the marital house can vary among divorcing couples. Those with prenuptial agreements will have to follow the terms stated. Those without a prenup but can agree on who gets what can choose who gets to keep the house or if it will be sold. And those that cannot agree will need either a mediator or a judge, who will then use Florida’s practiced equitable distribution.
Under equitable distribution, each spouse will receive what is fair. Unlike community property states, what’s fair is not necessarily what’s equal. Factors like income, child custody, and how much each spouse contributed into paying for the house can affect the decision.
“Buying Out” Your Ex’s Share
Selling the property doesn’t necessarily mean you have to sell to a third party. If you want to keep the house, for instance, you can offer to buy out your spouse’s equity on the property. This means paying them half of the house’s market value so that you get sole ownership of the house.
Buying out the property can be a good option for a number of reasons. If you want to keep the house but there aren’t any other marital assets your spouse can take in exchange, you can pay them to buy their equity. It’s also ideal if there are young children involved, since they don’t have to be uprooted from their home by selling the property.
Selling Your Marital Home
If you agreed to sell your home and split the proceeds or were ordered by a judge to do so, there are certain ways to go about it. You could opt to go the traditional way of listing your Melbourne home on the market, but this comes with several disadvantages.
First, there’s the time it takes to sell the property. Homes in Florida take an average of 94 days to sell, with 59 days to receive an offer and then a 35-day closing period. And while there is a chance you could receive an offer in less time, there’s also a chance it can last longer. This can cause delays in your divorce proceedings and prevent you from moving on to the next chapter of your life.
Second, there are the added costs of selling a home. Aside from the closing costs and real estate agent commission fees, there are the costs of repairs, renovation, landscaping, staging, and more. While the commission can be subtracted from the sale’s proceeds before splitting the money accordingly, many of these costs will need to be paid out of pocket. This, on top of the fragile relationship with your ex-spouse and the costs of divorce, can be difficult for many to shell out.
Sell to a Professional Home Buyer!
For a faster way to sell your home without having to spend before listing the property on the market, your best bet is to find a cash homebuyer in Melbourne, Florida.
Instead of waiting an average of over three months to sell your property, Anchored Homes can buy your property in a fraction of that time. Instead of waiting almost two months for an offer from buyers on the market, we can give you a fair all-cash offer within 24 hours after viewing your property. After you accept, the closing process can take as little as 14 days.
Our homebuying process can also take away most of your added expenses. We buy homes as-is, so you don’t have to spend on home improvements to receive an offer. We also don’t charge commission fees, and we shoulder the closing costs for you.
Divorce can be a tough time for you, your spouse, and any children you may have. But the best thing to do is to finalize the settlement and proceedings as soon as possible and try to move onto the next part of your life. And for marital homes in Melbourne, Florida that need to be sold fast, Anchored Homes can help you. Contact us today to schedule a property viewing.