For a lot of homeowners in Miami, selling their marital estate during a divorce is upsetting, and it probably feels like the worst possible time to sell. Emotions are high, and conflict can break out without a moment’s notice.
When it comes to divorce proceedings, the courts usually demand order before either party is emotionally ready. But at some point, everyone needs to settle down and start tackling the process logically one step at a time.
Agreeing To Split And Sell The Marital Estate!
One of the common ways to split assets in a divorce, especially a house, is to advertise it on the market and split the proceeds between the two parties. This is quite common, especially if there aren’t children involved.
It simplifies things by taking a logical approach and turn your marital estate into cash. You eliminate a pending mortgage, and if you can sell quickly, it also expedites the divorce process. That being said, if the housing market is slow, or the economy isn’t great, you could end up waiting several months to secure a deal on the open market.
Your best bet is to talk to a realtor. Get an honest assessment for your Miami home. Find out what estimated costs can get you a higher return. Phone several different firms and try to negotiate for competitive realtor fees that will keep net profits as high as possible. Also, don’t forget to do a market analysis so you have reasonable expectations regarding the sale.
Preparing the House for Sale in Miami
Although it might be difficult and risk creating tension between you and your ex-partner, do you best to clean up the house and make it presentable. It’s important to remember that you both have a stake in the success of the sale.
There’s no sense in creating more mess or refusing to help sort out the property simply because you want to irritate the other party. The quicker everything is done, the quicker you can put everything behind you and move on.
De-clutter and make it look like a happy family lives there. If you’re both moving somewhere else, now is a great time to pack away personal items and holiday gimmicks. Make sure you continue to maintain the garden, mow the grass, and pull up any weeds.
Chances are you’ll both annoy each other putting more effort into the property than ever before, but at least you can find some relief knowing that you’re increasing the value of your property.
The Next House
If you’re selling the marital house and planning to buy a new property, make sure to coordinate things with your realtor to ensure you time the deal properly. Divorces get hung up in court, and house sales get delayed and dragged out for a million different reasons.
Be honest with lenders and get the process started early. While you need to be prepared, don’t lock any rates in before you are really ready to pull the trigger. Always running credit for new approvals can hurt credit scores.
One Spouse Keeps The Pad
Although it complicates splitting the marital estate, this option is sometimes the only route when children are involved. Divorce is a challenging and emotional time for everyone, but it can be even more upsetting for kids, especially young children. Sometimes children blame themselves, and the prospect of also leaving the house they’ve grown up in can make things that much worse. Therefore, letting one spouse keep the house is a viable option if both parties agree.
In this scenario, you will need to buy the house from your soon-to-be-ex. He or she will agree to relinquish their interest in the property by completing a quitclaim deed. You then agree to assume the mortgage and buy them out of their equity. To do this, you need to contact your lender, explain the situation, and request an assumption of the loan.
Don’t forget that lenders will more than likely need to underwrite you as an individual to make sure you can afford the house on your own. Make sure you document all of your income, including any support you may receive from your spouse.
If, for any reason, the lender won’t let you assume the loan, you will need to apply to refinance your mortgage. If interest rates are lower, this could work to your advantage anyway. Again, this is a loan application. You will need to meet all income and debt obligations to qualify.