If you’re wondering about the ins and outs of selling your home during a divorce in Massachusetts MA… we’ll dive into the steps and things to look out for in this article.
With over 50% of American marriages ending in divorce, many Massachusetts MA residents are looking or advice for selling a home during a divorce.
A home is one of the most valuable joint assets, and obviously cannot be divided without first liquidating. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational. There are several factors to consider when facing a divorce in a real estate market that has yet to rebound from the housing bubble burst.
Determine if (and when) You Will Be Selling Your Home During Your Divorce in Massachusetts
In many divorce cases, one spouse will keep the home, buying out the departing spouse’s share.
In many cases, agreements are made where one spouse uses the house for a set period of time (this is usually used when there are children in the home), and then sold at a certain date (usually when the children reach a certain age).
Consider the Tax Implications of Selling Your Home During a Divorce
Understand the tax implications. When selling your home during a divorce, it’s crucial to be aware of the potential tax implications. The IRS allows a $250,000 exclusion on capital gains for individuals and a $500,000 exclusion for married couples filing jointly. If you and your spouse have lived in the home for at least two of the last five years, you may qualify for this exclusion. However, if one spouse moves out before the sale, they may lose their eligibility for the exclusion. It’s essential to consult with a tax professional to understand how the sale of your home during a divorce will affect your taxes and make informed decisions accordingly.
Divide the Proceeds from the Home Sale Fairly
Determine an equitable division of proceeds. One of the most critical aspects of selling your home during a divorce is deciding how to divide the proceeds from the sale. This may be determined by a prenuptial agreement, state laws, or mutual agreement between you and your spouse. Factors to consider when dividing the proceeds may include each spouse’s financial contributions to the home, the length of the marriage, and any financial needs or obligations of each spouse. It’s essential to come to a fair agreement, as this can help prevent future conflicts and ensure both parties can move forward with their lives.
Maintain the Home’s Appearance and Value for a Successful Sale
Keep the home in good condition. To get the best possible price for your home, it’s essential to keep it well-maintained and visually appealing during the selling process. This can be challenging during a divorce, as emotions may be running high and you or your spouse may be living elsewhere. However, it’s crucial to set aside your personal feelings and work together to keep the home clean, tidy, and in good repair. This may include regularly mowing the lawn, cleaning the gutters, and making minor repairs or updates as necessary. By maintaining your home’s appearance and value, you’ll be better positioned to sell it quickly and for a fair price, helping both parties move on from the divorce with greater financial security.
Get Professional Help – Agents and Home Buyers / Investors
Selling a home is a difficult process when everything is going right.
During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling you home yourself. You may have disagreements with your spouse about selling price or other issues. By working with a real estate professional… either a reputable agent or real estate investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your home.
If you need to sell your Massachusetts house fast… reputable local real estate investment firms like Pegasus Home Buyers may be a great option. Firms like ours actually BUY HOUSES (rather than listing them like agents do)… and we pay cash and can close quickly if you need to sell this house fast.
If you can wait the time it’ll take to list it with an agent and sell it on the open market, going with a real estate agent is your best bet.
But if you can’t wait the 3-9 months it sometimes takes to sell a house in this market in Massachusetts… chat with us to see what we can offer you for your house during your divorce.
Set (and stick to) a Timeline
It’s important, when selling your Massachusetts house during a divorce to keep a timeline.
You should put your home for sale in advance. Set firm closing dates, moving dates and times, and coordinate which spouse will be handling the sale (or talking to the real estate agent). Make sure that each of these agreements are in writing, and negotiate penalties for breaching the agreements.
This helps ensure a smooth, surprise free home sale.
Selling Your House Fast For A Fair All-Cash Price
One option that many divorcing couples have turned to in recent years is making a quick sale to a real estate investor like Pegasus Home Buyers.
Reputable local real estate investors like us, purchase houses quickly and without stress, and the process can often take as little as seven days.
Deciding how to sell a marital home in Massachusetts doesn’t have to be as stressful as the divorce itself.
By protecting each party with a qualified real estate agent or simply jointly deciding to sell and selling fast to a real estate investment firm like Pegasus Home Buyers, and moving the process as quickly and according to an agreed upon schedule, all parties can walk away from the sale without stress.
Selling a home during a divorce can be a complex and emotional process, but by focusing on the practical aspects, such as working with professionals, understanding tax implications, and maintaining the home’s appearance and value, you can help ensure a smoother and more successful sale. Remember to keep communication open and respectful between you and your spouse, and be willing to compromise to reach agreements that benefit both parties. With careful planning and consideration, selling your home during a divorce can ultimately help you both move forward and begin the next chapter of your lives.
Give us a call anytime at (781) 810-4242 or
fill out the form on this website today! >>
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and lets chat.