In most cases, divorce is an emotionally devastating experience for all parties involved. And when there’s a home hanging in the balance, proceedings are even more complicated.
If you’ve been wondering: “Is it wise to sell my house fast in Harford County Maryland before filing for divorce,” you’ve come to the right place. In this blog post, we discuss the benefits and drawbacks you’ll need to consider. Let’s get right into it!
Pros Of Selling Your House Before Filing For Divorce
1. Tax Benefits
If you decide to sell the house before finalizing the divorce, you can reduce your tax bill for the current year by up to $500,000 in most states. If you sell after the divorce is finalized, the reduction is lowered to $250,000. Also, this rule only applies to couples who owned and lived in their homes for at least two years.
2. Easier To Reach Terms With Your Partner
If you sell before beginning divorce proceedings, it may be easier to reach an agreement with your soon-to-be ex. You can determine how cash gained from the sale will be split, meaning you won’t have to go through lengthy, lawyer-driven negotiations later on.
3. Helps With Stabilizing Your Life Post Divorce
Selling before divorce ensures you have some money for starting a new life. Plus, if you can move on from things that largely symbolized your now-ended marriage, it’ll be easier to process everything and get your life up and running again.
4. Peace Of Mind
Even if you detest the very thought of your former spouse at this point in time, you cannot deny that you once shared something special. If you sell your home before divorce, it’ll be easier to begin life anew once everything has been finalized. This is also a smart move if children are involved; displacing children during or after a divorce can traumatize them.
Drawbacks Of Selling Your Home Before Filing For Divorce
1. Finding A New House
Finding a new home to stay in may be challenging when you’re going through a divorce. Moreover, you might not want to set up a temporary residence when you’re finalizing everything. Again, this is especially true if you have children.
2. Home Prices
Home prices tend to increase over time. Because of this, many couples opt to keep their houses, understanding that it may be better, for both parties, to sell later.
Final Thoughts
In the end, whether it’s good to sell before or after your divorce largely depends on your unique situation. After all, every divorce case is different. Plus, your home is probably your most valuable asset, and therefore the choice to sell may be hard to make.
If you want to sell your home before getting divorced, Easy Outs Homes can ensure the selling process is both fast and stress free. We buy houses in Harford County Maryland any condition, and we can usually close in two weeks or less.
Comments