Going through divorce proceedings can be a harrowing process, especially when it comes to dividing assets. A divorce can be an ongoing source of conflict and negotiations between the two parties and their attorneys. Many believe in holding on to their current home for security, continuity and practical reasons, especially if there are young children involved.
If you’re facing divorce, it’s best to sell the house before the divorce, which usually means that you and your spouse can divide the profit.
Higher Tax Write Off
If the sale of the house happens before the divorce, most states permit a write off from the current tax year. In the case that the house is sold post-divorce, the maximum write-off amount goes down.
No Worrying About Equivalent Exchange
A mutually agreed sale before the divorce offers both the parties to gain a certain amount that they can split. Once the money is in hand, it’s easy to divide it right in half, but if you hold on to the house, an equivalent exchange will have to get renegotiated with the spouse.
After a heartbreaking divorce procedure, both spouses may want to start afresh and put their past behind them. Selling their home before the divorce will help them get enough money to start over, and also help them to remove themselves from their old life. The clean break will help them move on with life with no ties to the past.
Keeping the family house or selling it should be a mutual decision between spouses and it usually includes emotional, financial and tax consideration. If you live in Southern Nevada and have decided to sell your house and are looking at options for cash for houses in Las Vegas area, it may help to get in touch with Southern Nevada Homebuyers. Since we buy houses in Las Vegas and the neighboring regions, we can help you to close the deal quickly and effortlessly.