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Did you know that selling your home during divorce can potentially save you money on capital gains tax as long as you sell while you’re still legally married?
You’re eligible for an exclusion up to $500,000 while legally married. Once you divorce that exclusion drops to $250,000. You can read more about tax strategy below.
Most couples who are splitting apart will be forced to sell their home for financial, personal, or legal reasons. The house likely holds a lot of your equity, and is often your greatest asset. So take your time reading this article and drop us a comment if you have any questions.
One of the hardest parts of divorce is the sale of your home.
A home holds sentimental value, whether you are going through a divorce or not. Sometimes it’s better to rip the band-aid off and move on, and sometimes it’s better to do your best to hold onto it. There are a number of reasons to consider and we are going to go over them in this article.
Once you decide whether or not the reasons make sense to keep or sell your home, you should do your best to commit to that decision.
Selling a home during a divorce holds one major difference than a typical sale… you have to figure out who is going to get what before you sell. Whether it’s the furniture, the electronics, or the money from the sale the hardest part is going to be figuring out who walks away with what.
You will want to consult with an attorney. The attorney is the mediator who will help you through dividing up possessions and equity so that it is fair. Before you contact a Realtor you will need an understanding of who is going to walk away with what after the sale.
A divorce can impact the sale of a home in a number of ways, which makes it important for you to understand these ways ahead of time.
Selling your home for cash during a divorce is a quick and easy way to take one thing off your plate. You’ll get cash quickly. Rather than wait months for your home to show, receiving offers and hopefully close. You can sale to a wholesaler and receive cash for you home in days.
Make us your first call. Stop worrying about the house and selling it, We can help. Save time and money.