The Great Dilemma: Selling Your Arizona Home or Divorcing First?
One of the most challenging decisions you’ll face during a divorce is whether to sell your Arizona house first or finalize the divorce. In this post, we’ll explore the implications of property division in divorce, the pros and cons of selling or divorcing first, and the importance of consulting with an attorney while getting an idea of your home’s value.
Divorce Implications of Property
Property division is one of the most complex aspects of divorce. Arizona is a community property state, meaning that all assets acquired during the marriage are considered jointly owned by both spouses. Consequently, this includes your marital home. According to the American Bar Association, the court will usually strive to achieve an equitable distribution of assets between spouses.
Sell or Divorce First
Deciding whether to sell your Arizona house first or finalize the divorce requires careful consideration. Selling before the divorce can streamline the property division process, allowing both parties to split the proceeds equitably. Additionally, it helps avoid potential disputes over the property’s upkeep or mortgage payments. However, selling during the divorce can also have tax implications. According to IRS Topic No. 701, a couple can exclude up to $500,000 in capital gains from their primary residence if they meet specific criteria. If the house is sold after the divorce, each spouse may only qualify for a $250,000 exclusion.
Consult Your Attorney But Get An Idea Of The Value
While making decisions about your home during a divorce, it’s crucial to consult with an experienced attorney who can guide you through the legal process. However, understanding your home’s value is essential before making any decisions. An accurate valuation can help you decide whether to sell your Arizona house first or finalize the divorce.
The Benefits of Selling Your Home to a Cash Buyer During an Arizona Divorce
Selling your home to a cash buyer while going through a divorce in Arizona can provide several significant benefits, making the process more manageable during an emotionally challenging time. Let’s explore some of the advantages of choosing a cash buyer for your home sale:
Speed: Divorce proceedings can be time-consuming and stressful. Selling your home to a cash buyer expedites the process since cash transactions usually close faster than traditional financing deals. This means you can quickly move on with your life and focus on the next chapter.
Simplicity: Cash buyers often purchase homes “as is,” which means you won’t need to worry about repairs or upgrades before selling your property. This can save you both time and money, making the sale process much more straightforward and reducing potential points of contention between you and your spouse.
Flexibility: Cash buyers typically offer more flexible closing dates, allowing you to coordinate the sale with the timeline of your divorce proceedings. This flexibility can help you ensure a smoother transition when stability is essential.
Equitable Distribution: Selling your home for cash simplifies property division. By liquidating your most significant joint asset and converting it into cash, you and your spouse can more easily divide the proceeds equitably, as Arizona’s community property laws require.
Reduced Stress: Selling your home to a cash buyer can reduce the stress associated with a traditional home sale, such as staging, open houses, and negotiations with potential buyers. During a divorce, minimizing stress is vital for your well-being and can help you focus on more pressing matters.
Let’s Sell It Right Now Online
If you’ve decided to sell your Phoenix Arizona house first, we can help you get a free instant cash offer to determine how much your home is worth to sell my house fast. Selling your home to Doug Hopkins allows you to avoid the hassles of traditional home sales, making the process smoother and more efficient during a challenging time like divorce. To get started, request your free instant cash offer today!