Are you wondering about how to sell your house during a divorce in New Orleans? Even though the divorce rate in the U.S. is at a 50 year low, it’s a reality that many couplrs still face. So it’s not surprising that many New Orleans, Louisiana homeowners are searching for help and advice on how to sell a house during a divorce.
In this article, we will go through all of the steps involved in the process. We’ll also look at the things to look out for when selling a property during a divorce.
For most people in the middle of splitting up their property after deciding to end their marriage, a home is likely their single greatest asset of joint ownership. Divorce is already full of emotion, stress, and pain, so it’s crucial that you remain as level-headed as possible to avoid making bad decisions that make a difficult situation worse. Before deciding to sell your home in a divorce, several considerations must be made. Let’s take a look at each of them.
Determine Whether the Property is Separate or Community Property
The first step in selling your house during a divorce is determining whether the house is separate or community property. In Louisiana, community property is generally considered anything that was acquired jointly during the duration of the marriage. Separate property is property that one spouse owned by themselves before the marriage. This is either acquired by gift or inheritance during the marriage, or property covered by a matrimonial agreement (also called a “pre-nup”). Financial records or other documents are ussually used to support claims of separate property.
Importantly, even assets that were once considered separate property can eventually become community property through intermingling (mixing of separate and community property) during the course of a marriage. One example of this is an inherited home that can become community property if a spouse uses money from a joint account to repair or maintain the property.
If you have doubts on whether or not your house is community or separate property, contact a qualified attorney to help guide you.
Decide If and When You Will Be Selling the House
One common scenario that often happens is one spouse will buy out another spouse’s share of the joint property.
A property-sharing agreement is also commonly made between the spouses, often times when children are involved. This agreement usually stipulates the terms and length of the shared ownership of the home, as well as outlining any timelines for the eventual sale of the property.
If the estranged spouses cannot come to an agreement on what property belongs to whom, then they’ll have to let the court decide. See La. Civ. Code § 159 (2020).
Another option used to settle property disputes among spouses is called a settlement agreement. Contact a qualified attorney for help with whatever option you choose. See this excellent article for more details on separate versus community property in Louisiana.
Get Professional Help From Real Estate Agents and/or Home Buyers & Real Estate Investors
Selling a house can be hard even under the best of circumstances. When you’re in the midst of a divorce, don’t go it alone! It is important to enlist the help of qualified real estate professionals. Whether you go with a realtor or work with a real estate investor, either option will provide you with a neutral, third party that can help fairly assess the value of your property and aid in the marketing and sale of the home.
Real estate agents can help you handle the listing, advertising, and sale of your house during a divorce. This is a good option if you have time to sell your house while the divorce is in progress. Keep in mind, properties sold through a realtor typically take 3-6 months or more to sell. You’ll only want to use this option if you have enough time to wait that long before selling your property.
If you need to sell your New Orleans house fast, then going with a trusted, reliable, local cash home buying company like NOLA Wholesale Properties is a great option. Professional home buyers can buy your house quickly as-is for fast cash. This eliminates a lot of the headaches that come with selling your house the traditional way through a realtor. Hence why so many New Orleans couples going through divorce trust us to get rid of their house fast. They can focus on other important things.
Sell Your House for a Fair, Cash Price Today
Many divorcing couples in Louisiana have turned to NOLA Wholesale Properties for quick sales of their homes. Local, reputable house buyers like us buy properties fast and close in as little as 7 days.
While divorce is stressful, deciding how to sell your shared home doesn’t have to be.
Turning to an objective third party like NOLA Wholesale Properties can make the process as fast and easy as possible. If you want to discuss your current situation with us and see how we can help you save time and money, reduce stress, and get out of this situation fast…
Give us a call at (504) 513-6697 or fill out the form below!
We’ll check out your house, help you evaluate all your options, and make you a fair cash offer. Even if we don’t buy your home, we’re here to help you during this trying time. Reach out to us today!