A divorce is a separation between married individuals; it is the formal dissolution the legal marriage by a court or other authority.
Even though divorce is very common in the United States, the divorce process varies considerably. The length of the marriage can have a dramatic influence on the divorce process. Short-term marriages without children or property typically result in a less complicated and time-consuming divorce. On the other hand, long-term marriages with marital property, marital debt, and minor children can be very complicated and can become drawn out over many months.
The typical divorce process follows 6 steps:
Divorce papers are filed
Temporary orders may be requested
Divorce papers are served
The couple negotiates a settlement
Divorce trial: if negotiations can’t be mutually resolved
Judgment is finalized
If you find yourself facing a divorce, you’ll be required to negotiate a settlement and determine the distribution of the marital assets. There are four types of marital assets that courts or authoritative bodies consider.
Division of debt
Custody of any children
Payment of child or spousal support
Division of community or marital Property including the home
What is marital property?
Marital Property is property that is acquired during the course of a marriage, regardless of which spouse owns the property or how it is acquired. Property that an individual owns before the marriage, inherited property, or gifted property is considered separate.
How is the marital property divided in a divorce?
When the court or legal authority grants a divorce, the marital property is divided equitably (not always equally) between the two spouses. Equitability is determined under the Equitable Distribution Law.
What is the equitable distribution law?
There are two methods of distributing marital assets; using the Community Property method or the Equitable Distribution method. The method used will depend on the state the separating couple lives in.
Nine states use the Community Property method. This method dictates that the marital assets be split 50/50. Community property includes bank accounts, tax debt, student loans, vehicles, furniture, mortgage debt, income stocks, and more.
The Equitable Distribution method is used by the majority of the states, including Nebraska. This law takes a look at each spouse’s future financial situation after the marriage has terminated and divides the marital property accordingly. While this approach is very flexible, it can often be challenging to predict each spouse’s future financial situation.
Regarding the marital property, a judge may award the home to one spouse over the other if they cannot come to a mutual agreement during the negotiations. Many subjective factors influence this decision under the Equitable Distribution method, especially children.
The marital property will often be awarded to the parent who is considered the primary caregiver. If children are not a consideration, then neither party has a clear legal advantage over the other. In these circumstances, the judge or legal authority can order the couple to sell the property and then distribute the proceeds.
What are my options?
Sell your house with a Realtor
Selling your home with a realtor is an entirely viable option. However, the time and money it may take to get your home ready to list may become an issue.
Before you sell your home, you should be prepared to do the following.
Making any essential repairs and cosmetic updates to your house
Cleaning your house
Preparing for house showings
Negotiating with potential home-buyers
Dealing with inspections
Waiting for a closing date
Paying agent commissions and closing costs
Trying to manage this while facing a divorce can be mentally and physically taxing. Fortunately, there’s a more straightforward approach to selling your home.
Sell your house fast with a home-buying company
If you find yourself in a divorce and are required to sell your home, we can help. Nebraska Home Solutions works closely with our clients to create win-win solutions and to help them move on with their lives.
If you’re dealing with an emotionally taxing divorce and want to put the situation behind you, let us help. Fill out our online form or call us at (402) 704-8026 and let us take your home off of your hands, no strings attached.
Top 3 Reasons Homeowners Need to Sell Their House Fast
There are many reasons homeowners need to sell their house FAST and without the assistance of a realtor or a traditional real estate company; from financial problems to property condition issues and everything in between. Read Article
We’re Here to Help
Fill out the form below to get started.
Get your no-obligation cash offer!
Want to find out how much you can get for your house?