Divorce Selling a House in Thornton
If you are going through a divorce, there’s a lot already on your hands. However, one of the biggest matters you have to deal with it during this trying moment is the matrimonial house.
You are probably asking questions like what should you do with the house? Who is going to keep the house? Should you sell the house before or after the divorce?
In most cases, divorce selling a house in Thornton is the best option as it makes the division of the proceeds much easier, still, there’s the question of whether to sell it before or after the divorce. There are also cases where couples decide that one spouse can keep the house, usually where children are involved or maybe one spouse is able to buy out the interest of the other.
As you can see, there are several options you can turn to when dealing with a matrimonial home in times of divorce and the option you go with will depend on the two of you.
Since most spouses find it hard to keep on servicing the mortgage of the house on their own, the decision to sell the house has always worked out for many. When divorce selling house Thornton, you can either sell it before or after the process is finalized, but each option has its pros and cons. Let’s take a look at them.
Divorce selling house in Thornton before separation
Maybe your wife has made it clear that the two of you will no longer be staying together and things aren’t working out anymore. As a result, she wants a divorce. Now, you sit there wondering what to do with your most prized asset – the house – and you suddenly feel that selling it would be a great option so that the two of you can split the proceeds and move on.
If you choose to sell the house before the divorce process is complete, there are a number of benefits you’ll enjoy. First and foremost, there will be a higher tax write-off for you when you sell as a couple rather than selling as an individual. If you sell your house as a married couple, you won’t be taxed for proceeds of up to $500,000, however, selling as a single person entitles you to a maximum tax write-off of up to $250,000. So, if you sell before the divorce, you will have more money to split between the two of you as compared to selling after the divorce.
It is only after the divorce that the court can rule on equitable division of matrimonial assets. If you sell before the divorce, the two of you can decide to share the proceeds equally or depending on how you agree. In case someone wants to keep the house, it’ll mean the division happens equitably. So, when you sell the house before the divorce, you have little to worry about when it comes to equivalent exchange
Another good reason for divorce selling house in Thornton before the actual process is that you can easily put the past behind you and move on. This allows you to permanently cut yourself away from your previous life and once the divorce process is complete, you don’t have to worry about anything else still keeping you and your ex connected.
Divorce selling house in Thornton after separation
The second option to divorce selling house in Thornton is to sell it after separation. The major advantage of taking this path is that the value of property rarely depreciates, however, the same cannot be said of a house. The more years the house stays, the more the value depreciates, hence, old houses are mostly cheaper than new houses.
Even though waiting until after the divorce could mean you end up with a better pay than selling the house before the divorce, this cannot be guaranteed. Also, when you sell after the divorce, it means that you will still have somewhere to live for the time being, at least after the proceedings are complete. You don’t have to turn into a couch-surfing guy during your divorce, instead, you can still sleep in your own bed.
Going through a divorce is not easy and you don’t want one more thing to worry about. Divorce selling a house Thornton can be stressful and doing it after the divorce is complete can mean you have one less thing to keep you worried during the divorce process.