Going through a divorce is one of the top-most stressful and painful life experiences a person can go through, and when you add the challenge of deciding what to do with your shared home, things can feel pretty overwhelming. If you’re trying to determine if you should sell your house during divorce in North Carolina, you’re not alone. These are common but tough questions for many couples – “Do I have to sell my house in a divorce?” or “Who keeps the house in a divorce”?
As cash home buyers in Wilmington, NC, we’ve helped several families navigate selling their house while going through a divorce. Thankfully, you do have options, and with the right information, you can make the best decisions for your family. Below, we’ll walk you through what you need to know about selling your house during a divorce so you can move forward with peace of mind.
Understanding Your Options When Divorce and Selling Home Decisions Collide
In North Carolina, the laws give you several options to consider when it comes to your marital home during divorce proceedings. The important thing to understand is that selling a house during divorce isn’t mandatory, but it’s often the most practical option for both parties.
Your main options to consider:
Keeping the House: One spouse can buy out the other’s share of the home equity. This option works well if one person has the finances or income to qualify for a new mortgage and wants to keep the house.
Selling Together: Both spouses would have to agree to sell the property and split the profits. This provides the cleanest break financially and emotionally, which is why it’s used often.
Delayed Sale: Some couples decide to wait to sell until the kids graduate or the real estate market is better; however, this can prolong things and complicate matters.
More times than not, divorcing couples end up selling the house in the divorce becausit’sts the fairest way to split what’s often their largest shared asset.
Do You Have to Sell Your House in a Divorce?
So, do you have to sell your house in a divorce? No, not always, but oftentimes it makes the most sense to. Reason being – North Carolina follows equitable distribution laws – meaning marital property is to be divided fairly, but that also means not necessarily equally.
Probably the next question you have is whether the court will force you to sell? No, the court won’t automatically force you to sell; however, if you don’t agree on other arrangements, selling the house in the divorce becomes the best solution.
You also might be wondering, “Can I be forced to sell the house in a divorce?” In some situations, yes. If neither spouse can afford to buy out the other, or if you can’t reach an agreement, a judge might order the sale of the property, so that both parties receive a fair share of the equity.
How to Avoid Selling Your House in Divorce (When Possible)
If keeping your family home is your goal, here are some strategies that might work for you:
Refinance and Buy Out: The spouse who is keeping the home refinances the mortgage in their name only and pays the other party their share of the equity. For this to work, you’ll need to qualify for the new loan using your income.
Trade Other Assets: If you have other assets that are valuable, say your retirement accounts, investments, or business interests, you might be able to trade these for your spouse’s share of the home.
Assume the Existing Mortgage: One spouse may be able to assume responsibility for the existing mortgage with the lender’s approval.
A home equity divorce calculator can be a helpful tool to determine exactly how much equity you’re working with and what a fair buyout amount would be.
The Emotional Reality of Selling a House in Divorce
If we’re truly being honest here, selling a house in a divorce isn’t just about the money. A home holds memories of your life together and of your family, so letting go can feel like losing a piece of you. Which is why it’s completely normal to feel all the things – sadness, anger, or just overwhelmed about selling your home while going through a divorce.
On the brighter side, though, many people find that once the decision is made to sell, there is a sense of relief. Being able to start fresh in a new space can feel so freeing and will help you begin your next chapter of your life on your terms.
Why Selling Your House in a Divorce Can Be Your Fresh Start
While it may feel a bit intimidating right now, selling your house during a divorce often turns out to be one of the best decisions you can make for yourself. Here is why so many people look back and feel grateful they took this step:
You Get a Clean Financial Break: Selling and splitting the money means both of you get to walk away with cash in hand. No more petty arguments about who pays for what. No more financial ties with a shared mortgage. You’re free to make your own decisions financially.
You Can Start Over Somewhere New: There is something really powerful about choosing your own living space. Maybe you want to move to another state, city, or town. Maybe you want a modern condo downtown, or a cozy farmhouse in the country. The point is, it’s entirely YOUR choice! You get to create a home that feels right for you and this new chapter of your life.
No More Painful Reminders: A home can hold both positive and negative memories and energy. Even certain rooms in your home could hold good and not-so-good memories. But when you move somewhere new, you’re not constantly reminded of late-night arguments in the kitchen or happier times in the living room. You can put all your energy and focus on building new memories.
You Split Everything Evenly: Trying to determine who gets what and how much the house is worth can be quite the process. When you sell, the math is simple- you split the profits and you’re done.
You Can Afford Your New Life: Going from two incomes down to one is tough. The cash from the home sale can help you get settled, maybe pay off debt, or at least give you breathing room while you adjust to your new budget.
Less Stress, More Peace: Home maintenance is a lot of work and expensive, too. When you’re already dealing with a stressful divorce, the last thing you need to deal with is a leaky basement or broken air conditioning. Selling your house means those headaches of homeownership become someone else’s responsibility.
You Take Control: The divorce process can drag on with arguments about the house, but selling puts you in the driver’s seat. By choosing to sell, you’re able to move forward and start healing.
Practical Steps for Selling a House After Divorce
If you’re convinced that selling your house during the divorce is the right choice, here’s how to start the selling process.
Step 1: Seek Professional Guidance
Before making any big decisions, it’s important to consult with both your divorce attorney and a real estate professional who understands your situation and the challenges of divorce home sales. They can help you understand your legal obligations and the local real estate market.
Step 2: Determine Your Home’s Value
You’ll want to get a professional appraisal or comps to determine your home’s current value. This provides you with baseline information for negotiating and planning.
Step 3: Decide on Timing
Timing is everything, so you’ll want to determine if it makes sense to sell before the divorce is final or wait until after, which might be better for tax or practical reasons. Your attorney can help you figure out the best timing for your situation.
Step 4: Choose Your Selling Method
This is probably the most challenging st,ep and where most divorcing couples get stuck. The traditional real estate approach (listing with an agent) can take months, requires getting the house ready to sell, and dealing with showings. Preparations alone could take months, especially if one spouse is still living in the house. Trying to coordinate convenient times with your ex to get repairs or cleaning done could be a nightmare. Dealing with all of this just adds stress to an already stressful situation, and selling by owner isn’t any better.
You’ll also want to keep in mind that real estate agents charge a 5-6% commission, split between the buyer’s and seller’s agents. You’ll also be responsible for some closing costs. All things to keep in mind when finances are on the line.
Why Cash Home Buyers Might Be Your Best Option
Let’s be honest, when you’re dealing with a divorce and making decisions about selling your home, speed and simplicity often matter more than getting the absolute highest price. This is where companies like ILM Home Offer can help you and make your life significantly easier.
Here is why cash home buyers in NC are increasingly popular for divorce home sales:
No Repairs Needed: Traditional buyers are looking for move-in-ready homes, and if they’re not move-in ready, they are demanding repairs or renovations before closing. Cash home buyers in Wilmington and throughout North Carolina typically buy homes as-is, saving you time, money, and stress.
Fast Closing: While the average time it takes to get an offer on your house in Wilmington is 58 days, the closing can take anywhere from 30-60 days (or longer). So you’re looking at several months waiting for your home to sell. ILM Home Offer can make you an all-cash offer within 24 hours and can close in just a week or two. This means you can move forward with your life sooner.
Certainty: Because cash home buyers don’t use traditional bank financing, you won’t have to worry about the sale falling through at the last minute or your home not passing a home appraisal.
Less Hassle: No cleaning, no staging, no open houses, no inconvenient showings, no lengthy negotiations. You get one fair offer, and you can accept or decline-it’s literally that simple.
If you need to sell your house fast in Jacksonville during a divorce, ILM Home Offer can help! We buy houses in Burgaw and other smaller communities as well and provide a fast, straightforward service. We’ve helped several families that are going through a divorce situation by buying their house as-is, and we would be happy to help you.
Understanding How Cash Home Buying Works
We get asked a lot of questions about how our home buying process works at ILM Home Offer. It’s much simpler than the traditional route:
- Contact Us: Contact us by phone or online to discuss your situation
- Property Evaluation: We’ll assess your home’s condition and current market value
- Fair Offer: You’ll get a no-obligation cash offer within 24-48 hours.
- Your Decision: Feel free to take time to consider our offer- no pressure
- Quick Closing: Offer accepted- we can close in as little as 7 days or longer, whatever works best for you and your timeline.
Getting Started: Your Next Steps
If this sounds like the best option for you, the next step is to request a cash offer from us. Even if you’re still a little on the fence about selling your house, having an all-cash offer in your hand can help you decide if this is the right move for you.
Remember, by selling your house, you’re taking control of your financial future and taking the necessary steps for a new, fresh start. Whether you choose to work with a realtor or contact us for a fast cash offer, the most important thing is that you’re moving forward!
Moving Forward with Confidence
At the end of the day, yes, divorce is not easy, but you don’t have to navigate the home-selling process alone. If you’re currently living in Wilmington, Jackson, Burgaw, or anywhere else in North Carolina, we’re ready to help you make the best decision for your unique situation.
The thought of getting divorced and deciding to sell might feel overwhelming right now, but remember, thousands of people successfully navigate this process every year. With the right information and support, you totally can too.
If you’re ready to explore a fast, straightforward sale, we’d like to be of help! Contact us today. We’re here to answer any questions, provide a fair offer, and help you move forward with confidence toward a new beginning.