Going through a divorce is often painful and nerve-wracking. Asset and property division can turn into the most challenging part of the process and is one of the things both partners probably dread the most. Instead of going through the stress of negotiation, some wonder whether selling a house during a divorce in Greenville, South Carolina is a viable option.
Selling a House During a Divorce in Greenville: Mission Possible?
Dividing property in a divorce is the subject of South Carolina laws. The most important thing to remember is that South Carolina is not a community property state. This fact impacts the division of assets acquired during the marriage, as well as the manner in which the family house is given to one partner or the other.
Because South Carolina is not a community property state, the assets acquired during the marriage will be divided between the two partners in court in an equitable manner. The two spouses can work things out between themselves and reach a settlement. This is usually the best option, but it is not always possible. Whenever disputes arise, the court will be responsible for the final asset division.
The court will figure out what is equitable or fair division. Various factors will be examined to assess the financial condition of the two partners and ensure the just distribution of assets.
The rule applies solely to assets and property acquired during the marriage. Property acquired individually before the marriage or during the divorce is not the subject of a division.
Usually, the family home is acquired during the marriage and it belongs to both partners. This is one of the reasons why many people consider selling a house during a divorce for the purpose of dividing the funds later on. Alternatively, there could be a desire to keep a former spouse from either using or selling the house on their own.
As soon as a divorce petition is filed, a restraining order goes into effect. This means that assets and property acquired during the marriage cannot be sold until the divorce proceedings are finalized. Thus, selling your house during a divorce in Greenville will be a very difficult task. Rather, such a property transaction will have to wait until the divorce proceedings end and the legal dissolution of the marriage becomes a fact.
Talking to Your Ex is the Best Approach
Dividing property in a divorce is always a challenging process. Even if you worry about the reaction of your ex-spouse, talking to them and attempting to settle is the best thing to do. Otherwise, you will initiate a lengthy and complex legal battle that will have a negative impact on both parties involved.
Chances are that both of you have some interest in the family home. It may be possible to keep the house if you offer your ex a property of similar value. Alternatively, the two of you may want to consider selling the family house and dividing the funds.
Keep in mind that even if the family home has the name of only one spouse on the contract, it still belongs to both partners and it will be subjected to South Carolina asset division laws.
A final thing to remember is that the person who gets custody of the children will be more likely to be awarded the family home during the equitable division. The contribution of each spouse to buying said property will also be examined in court. Unless you can reach an agreement, chances are that the court decision is not going to be the most favorable one.
Selling a House During a Greenville Divorce
Selling a house during a divorce in Greenville is generally a difficult task. Still, there could be a few instances in which such a transaction can be completed.
A written and signed agreement between the two spouses that is presented in court will open the doors to such an opportunity. The agreement will usually highlight a number of important elements like the manner in which the price will be set, the manner in which it will be reduced (eventually), the manner in which a Realtor will be chosen, the responsibility of the two former spouses in terms of renovations and showing the house to potential buyers, etc.
Hearthstone Investors of Greenville, South Carolina is Here to Help
While waiting until the divorce is finalized is often best when it comes to selling property, sometimes, the need for financial resources is going to be much more pressing. In such a situation, it will be crucial to engage in meaningful and reasonable communication with an ex, then reach out to Hearthstone Investors of Greenville, SC, once you come to an agreement. This way, the sale of your family house during the divorce will become much easier.