If things haven't gone quite right and you and your partner have decided to get a divorce, you'll need to sort out any joint equity. For many, they own a house together, and a divorce means needing to sell up and split the money from it. Divorce takes a long time, so you may be keen to sell up before it completes, or should you wait until after the divorce has finalised? In this blog we take a look at the positives and negatives of each option.
Selling before divorce
- Divide up belongings - if you sell your house before the divorce, you can split up your house assets between yourselves and have more chance to agree on who takes what. If you wait until after the divorce, you could experience more disagreements making the process difficult.
- Get started on your new life - the sale of your home will provide you with a payout to help you purchase a new home or start a business venture, whatever you choose. Divorces are stressful and may make it more difficult to concentrate on getting on your feet, so this can be a benefit to selling before the divorce.
- Bury the hatchet - selling your house before the divorce allows you to move on quickly. There may be some memories in the home that you'd rather not remember, so selling will allow you to forget about these easier.
- Unpredictable markets - the UK housing market is very variable, and if you've decided to sell before the divorce has completed, you may end up waiting for quite a while depending on how much you want fo rhte house. If it takes a long time, you may find you hit other complications.
- Rash decisions - if you're looking to sell before the divorce you're likely to be wanting to get other things sorted quickly. The whole process can be mentally exhausting and you wouldn't want to make any decisions you regret just to sell quickly. You could lose on thousands of pounds which could have helped you get back on your feet.
Selling after divorce
- Bad terms - if you and your partner are on bad terms, you may struggle to sit down and chat in order to agree how to divvy up the shared belongings before the divorce, while the stress of the situation is still fresh. If you sell after divorce, you may find it easier to amicably divide up your belongings and equity.
- Time - you'll have longer to decide how to divide the revenue generated from the sale if you sell later in the separation process.
- Slow market - if you separate at a time that the market is slow, selling after the divorce means you can wait until the market improves and you can make more money from the sale.
- Drawn out - selling a property can take a long time, and if you wait until after the divorce it could be a long time before you're able to make a clean break. Furthermore, if one of the couple is still living in the house, they may feel settled and not rushed to sell the house.
- Complications - if you're on bad terms after the divorce as things may not have gone as you'd hoped, you may find it harder to be civil and have discussions to do with selling the house.
How to sell fast once you're ready
Whether you're selling before or after your divorce, we will buy your home fast for cash. At The Property Buying Company, we can complete on homes within 7 days allowing you a fast and easy clean break from your partner. We can even act as a mediator if you aren't on good terms. Find out more on our divorce page.