Selling House after Divorce Aurora
For many Aurora couples, owning a first home is one of their most unforgettable moments. But when separating, selling house after divorce Aurora is very common.
Despite how owning a home can be emotional, a lot can change along the way and things simply don’t work no matter how hard you try. If the result is a divorce, the couple will have to split their marital property fairly between them, including their house.
There are cases where one partner can still afford the costs of keeping the house. This is where the couple will agree on how the person keeping the house will compensate the one leaving. If they can’t agree on something or maybe there’s none who can afford to keep the house, the most definite action has always been selling house after divorce Aurora.
Common reasons for selling house after divorce in Aurora
As noted, when people have divorced, the most common thing would be to sell the house. Even though there are options to keep the house, here’s a look at the common reasons many couples decide to sell the house after divorce Aurora.
Maybe the two of you were sharing the mortgage payments and now that you are parting ways, none of you can afford to maintain the residence. In fact, this is the major reason you’ll find couples selling house after divorce in Aurora. In some cases, the marital home can be sold in order to pay for the attorney while in others, it’s necessary to sell the house so as to pay off some marital debts.
Whether you decide to proceed with selling or think otherwise is totally dependent on you. It will also depend on your situation and in some cases, the need for a quick house sale might be inevitable.
Other marital property
Selling a house after divorce Aurora is not the only thing that will be shared after a couple agrees to separate. When you get married, this is more than just agreeing to spend the rest of your life with your wife, you are also agreeing to share everything you have. However, this doesn’t mean that after a divorce, the split will be 50-50 of everything. Instead, divorce agreements have an “equitable distribution” of asset clause that guides how marital property will be split.
There’s what we call non-marital property. These are the assets you acquired before you married your wife but you chose to legally co-own it with her – and vice versa is true. When divorcing, such property will be considered for sharing. However, the court will first evaluate each piece to ensure that it indeed qualifies as nonmarital. Note that this could also be the same story when it comes to bank accounts, retirement assets and other assets that you co-own.
Marital vs. Nonmarital property
If you are lost somewhere in between marital property and non-marital property, here is a brief explanation or rather difference between the two. First, you need to know that any divorce has both marital and non-marital property.
Marital property is an asset that was acquired at the time the two of you were married regardless of who acquired it. This can include property that was non-marital at some point, but due to co-ownership terms that were willingly introduced at a later time by the couple, it becomes marital property. In most cases, marital property would include things like a house, vehicles, bank accounts, retirement accounts and many other assets. Interestingly, when divorcing, any debts and credit cards the two of you have will be counted as marital assets and thus will be divided equitably.
As for nonmarital property, you are dealing with property that both parties acquired before meeting each other. However, it may also include things like a gift or something acquired by legacy or even an asset you acquired in exchange for an asset that was there before marriage. There are cases where assets acquired by a spouse after legal separation or any other that as stipulated in a premarital or postnuptial agreement will also be counted as non-marital property.
As you can see, a divorce proceeding is something that needs an attorney, but when it comes to selling house after divorce Aurora, think none other than Denver Property Flip. We buy houses for cash and help people going through a divorce and in need of quick cash to solve their problems as quick as possible.
We are just a call away on (720) 370-9595.