HOW TO SELL A HOUSE DURING A DIVORCE

When you’re going through a divorce, there’s a ton of decisions to make. One of them could be what to do with a property you own with a former spouse. That’s why we wrote this article—we want to help you get the answers you need.

What is community property?

Wisconsin is one of the community property states, which means that almost any asset acquired during a marriage is owned 50/50. There are a few exceptions, including property that one partner owned before the marriage. But, for the most part, both spouses will own a house bought during their marriage regardless of which person is on the title.

Do you have to sell your home when you get divorced?

Nope. Selling your home is just one of a few options.

  • One partner could buy out the other
  • One partner could stay in the house until a specified end period
  • Both partners could sell the house and split the equity

Many people choose the second option, co-ownership, so that kids can stay in the house with one of the spouses for a set period, often until that child turns 18.

Are there rules about when you can sell a house during a divorce?

If you sell before a divorce, it’s just like selling at any other point during the marriage. Alternatively, if you want to sell during the divorce, you may need a court order in order to do so. Finally, selling after a divorce requires extra legwork, including figuring out how to split the equity earned since the divorce was finalized.

How is selling a house after a divorce different from any other home sale?

Selling a home after a divorce requires extra communication. Both parties will need to agree on:

  • Whether home improvements are needed
  • The real estate agent chosen
  • The sale price
  • Whether/when an offer is accepted
  • How mortgage payments will be made prior to sale
  • How the mortgage, equity lines of credit, agent fees, closing costs, and more are paid off

Have more questions? Our qualified team of realtors can help you navigate selling a home in the midst of any challenging situation, including a divorce. Call us at (608) 957-2683 today.