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Splitting marital property is a necessary part of getting through a divorce. Since the marital home is usually the largest asset for the couple, selling the house is a priority.
In a contested divorce, disagreement is the norm. One spouse might want to keep the house while the other spouse only cares about getting their share of the equity. But an agreement has to be reached or separating assets becomes impossible. If the couple can’t work out an agreement, the judge will have to force the sale of the home.
The thought of splitting the matrimonial house when a pre-foreclosure notice has been received is enough to overwhelm an already distressed couple. And if the house is in foreclosure, the situation seems impossible. If the couple doesn’t take quick action, there could be nothing left to divide.
If your ex-partner got the house and some rental property in the divorce property settlement, is your name still on the mortgages? If so, you have no ownership, but you remain on the hook for any delinquent payments.
While nothing seems easy when dividing real estate in a divorce, selling the family home to a real estate investor is the easiest option. Cleveland Cash House Buyer can be your best friend when you’re trying to sell a house in Cleveland, Ohio or its surrounding areas.
After we get your call and come to see your property, we make an offer within 24 hours. And after you accept our offer and sign the sales agreement, in 3 to 30 days the sale will be complete. There’s no faster way to sell real estate.
When we make you an offer, we don’t have to go to a bank for a loan. We already have the cash to pay you at closing. In a few days after you accept our offer you have cash in hand.
If you’re worried about those expensive repairs that you’ve avoided, relax. We buy your house AS IS. If the gutters are hanging loose or even the walls of your marital home have huge structural cracks or something worse, we’ll buy your house. No matter what’s wrong with it, we buy it in any condition.
Our quick sales process has minimal hassle for a divorcing or divorced couple. We take care of all the closing paperwork. We deal with any creditors. And you have little to do but collect your cash at closing.
A couple filing taxes jointly in the year prior to the divorce qualifies for a $500,000 capital gains tax exemption. After the divorce is finalized each party qualifies for a $250,000 exemption.
The party living in the home can take the $250,000 deduction when the house is finally sold. But if the other party hasn’t lived in the house for two years, their deduction is forfeited.
Different rules apply if:
If your ex partner got the house, it’s important to get your name off the mortgage. If you can’t talk your ex into selling the home, there’s a way to do so without their consent.
File a partition lawsuit for a court ordered sale. But keep in mind that partition lawsuits tend to be expensive, and the court might not agree with you.
If your ex-spouse gets behind on the payments for your joint mortgage, you have good reason to file a partition lawsuit. Otherwise, you could face foreclosure after the divorce—adversely affecting your credit.
If your ex partner has violated the terms of the property settlement by refusing to assume the loan or refinance the mortgage, contact an attorney to file a partition lawsuit. A forced sale by the court can get your name off the mortgage—which is especially important if the mortgage is in your name only.
In a common law state, such as Ohio, property obtained separately is not normally considered marital property. And whoever is on the deed is typically considered as the owner.
As an example, back in happier times a husband inherited some money with which he and his wife bought a new house. Since they paid cash for the home, the husband had the deed put in his name (with no thought of a future divorce.)
Switching to the present, the couple decides to separate. They obtain a no-fault divorce with little thought given to the division of assets. The ex-wife continues to live in the house, and the ex-husband moves out. After a few weeks, the ex-husband wants the house sold and the proceeds split so he can start a new business. But the wife objects.
Can he sell the house without her permission?
After doing a little research, he discovers that his name is the only one on the deed. Since the house was purchased with the money he inherited, his attorney advises him that Ohio law should allow him to sell the house without her permission.
Any party on the mortgage can request a short sale from the bank. A short sale is one way for a couple to get out from under a mortgage when they owe more than the house is worth.
As an example, after getting the house in the divorce decree, your ex let the house go into foreclosure. Since your name is still on the mortgage, the bank is coming after you also. You can take any buyer’s offer to the bank for the bank’s approval. If approved, the house is sold to a third party and your name is cleared from the mortgage.
Declaring a chapter 13 bankruptcy will put an automatic stay on foreclosure proceedings. In some cases, the bankruptcy will give the couple enough time to find their own buyer for the house. And they can avoid a bank sale, which could cost them most of their equity.