Going through a divorce is one of the most challenging life events a person can face. The process of separating lives includes the complicated task of dividing property, with the shared home often being the largest and most emotionally charged asset. Deciding what to do with the house adds another layer of stress to an already difficult situation.
This guide will walk you through the basics of splitting real estate assets in Missouri and outline your options for doing so. Understanding the process can help you and your former partner make a clear-headed decision that works best for both of you. Keep reading to learn more about navigating this complex step.
How Dividing a House Works in a Divorce
During a divorce proceeding, a couple’s shared property must be divided. The house is typically considered marital property if it was purchased during the marriage. The division of assets is handled by the court, which aims for a fair and equitable split. This means the court will decide how to divide the home’s equity, which is its market value minus any outstanding mortgage payments or liens. The decision will be outlined in a legal decree.
5 Ways to Handle the House After a Divorce
Once the divorce is finalized, you have several options for the property. Each path has its own benefits and considerations, so it’s essential to choose the one that aligns with both of your goals.
1. List the House on the Market
The most common approach is to sell the house with the help of a real estate agent and split the proceeds. This method aims to get the highest possible price but can be slow and requires both parties to agree on the listing price, offers, and repairs.
2. Sell to a Cash Home Buyer
If you need to sell a house fast, a cash home buyer is an excellent option. A cash home buying company can close the sale in as little as a week, providing a quick and specific outcome without the need for repairs, showings, or agent commissions.
3. One Spouse Buys Out the Other
One person can choose to retain ownership of the house by purchasing the other’s share of the equity. This often requires refinancing the mortgage to remove the other spouse’s name from the loan and title.
4. A Court-Ordered Sale
If the parties cannot agree on what to do, a judge may order the sale of the home. In such cases, the court may appoint a neutral third party, known as a receiver, to manage the sale and ensure that the process is handled fairly.
5. Refinance and Hold
Sometimes, couples decide to refinance the property and hold onto it, perhaps as a rental. This can be a good option if the real estate market is down; however, it requires ongoing cooperation and an explicit, legally binding agreement.
A Simpler, Faster Solution with I Buy STL
Selling a home during a divorce is stressful enough without the delays and uncertainties of a traditional sale. At I Buy STL, we offer a compassionate, straightforward solution that simplifies the process. We understand the need for a quick and fair resolution, and our client-centric approach prioritizes your timeline and privacy.
As a trusted cash home buying expert, we provide a guaranteed cash offer, allowing you to close quickly and move forward independently. Because we buy houses as-is, you can skip the repairs, showings, and negotiations. Let us provide you with a reliable and straightforward way to manage your property, allowing you to focus on your next chapter.