Going through a divorce in West Virginia is difficult enough on its own, but when you throw in properties and assets into the equation, it gets even harder. The shared home is typically the biggest asset that needs to be settled in the divorce proceedings. Figuring out who gets the home can be quite stressful, so many couples opt to sell it so both can start fresh.
If you’re going through a divorce, we’re here to help you figure out how you can sell your home.
How Can I Sell My Home During a Divorce in Kanawha County?
1. Get a lawyer
Selling your home during a divorce will understandably be a complicated and tough process. The first thing you will need is a divorce lawyer. Both you and your former spouse need to agree on which lawyer to hire, as they will serve as the mediator between the two of you. A divorce lawyer will determine who owns which assets, properties, etc.
2. Separate assets and properties
Your divorce lawyer will decide which among your properties are marital properties or separate properties.
- Marital property
According to Virginia Code sec. 20-170.3, marital property refers to all the property the couple has acquired from when the marriage contract was signed up until the date of separation. Examples of these are the family home (if under the name of both spouses), income, debt, cars, etc. If you have a home that is a marital property and decide to sell it, you need to split the sales proceedings. This may not be 50-50. A court will decide on what is a fair and equitable split. - Separate property
Separate property, on the other hand, is all forms of property acquired by either spouse before the start of the marriage. Separate property also refers to property acquired during the marriage that was obtained from inheritance or was gifted by someone other than the spouse. If the home was acquired by only one of the spouses prior to the marriage, said spouse gets to decide what to do with the home.
3. Sell the home
Once you’ve determined what kind of property you have, you can begin discussing how to sell the home. There are three common ways of selling a home:
- Sell though a real estate agent
The traditional way of selling a home involves partnering with a real estate agent. If you go this route, you’ll need to choose someone who’s had experience dealing with divorce sales and whom you both trust. It’s best to sign a settlement agreement prior to the sale so you both have documentation on what your realtor’s roles are. - For Sale By Owner (FSBO)
The second option is to sell the home yourself. This option is typically not recommended in situations like divorce because it could lead to a lot of arguments. FSBOs are best used if you (as a couple) have a buyer in mind and just need to transfer the rights. - Sell to a professional home buyer
Another option you can try is to sell the home to a professional buyer. A professional buyer such as 3 Oh 4 Investments, LLC purchases home regardless of the state or situation it’s in – including homes of divorcing couples.
At 3 Oh 4 Investments, LLC, we’re ready to give you a fair cash offer for your property! You don’t have to wait or file any paperwork before selling to us. All you need to do is to seek for permission from the court and you’re good to go!
Need to Learn More?
If you live in West Virginia and are looking to sell your property, the experts at 3 Oh 4 Investments, LLC can help you! We are a real estate solutions company and cash home buyer in Kanawha County that is committed to providing our clients with a variety of real estate services.
Our goal at 3 Oh 4 Investments, LLC is to improve the overall quality of housing for the residents of West Virginia. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. You are in no way obligated to accept our cash offer. You can decide to move forward with us or take your chances selling the traditional way. For more information about our home buying process, give us a call at 304-314-4341.
