Quickly sell a house in a divorce in Alafaya
You’ve done all you can to fix your relationship with your spouse and unfortunately, parting ways seems like the only option. In this event, some may opt for the following path for a quick and easy divorce in Alafaya, Orlando. You can file what is known as a ‘Simplified Dissolution of Marriage” after proving that at least one spouse has resided in Florida for the last 6 months and that the marriage is unalterably broken. However if you have a property to divide it is recommended to file for a ‘Regular Dissolution of Marriage’.
Regular Dissolution of Marriage
There are two types of a Regular Dissolution of Marriage: contested and uncontested. For a civil and sensible breakup it is in the couple’s best interest to choose an uncontested breakup. Doing so will give them time to sell their house and get a $500,000 tax deduction on the sale. Waiting until after the divorce is finalized will limit the deduction to $250,000. And don’t forget that tax credits can be carried over for the next couple years for maximum saving potential.
When the uncontested path is chosen, both parties agree with how their assets should be divided. It can be very fast and takes anywhere from a day to 2 weeks. Though the process is simplified to the extent that you don’t need a lawyer, it’s recommended that each of you get one to cover all of your bases and to know how to position yourselves. From there you can either continue the divorce process with both of your lawyers or make a written agreement with the help of a mediator (less expensive). You can then request a short hearing with a judge and then have a quick and amicable split.
A contested divorce comes about because either one or both people can’t agree on how their assets should be divided. One scenario that usually fits into this category is when one partner bought or inherited a property before the marriage and the other partner believes it should be equally divided. Another common scenario is when the male is the major breadwinner and believes that he should get most of the house’s profit. In these and all cases of a contested divorce in Florida, a judge decides how the property should be divided. However, for assets which easily fit into the category of ‘marital property’ the judge almost always divides assets using the 50/50 rule.
Clerk of Courts
In order to start the divorce filing process in Orlando you should head to your local clerk of courts. As a general rule you can head to 425 N. Orange Ave., Suite 320 Orlando, FL 32801 which is the main administration building.
You are encouraged to go to the Clerk of Courts which is closest to you but make sure to call before going. Some Clerk of Courts addresses on the internet for remote areas like Alafaya are old and no longer valid.
Reasons for Selling a house ‘As Is’ to a real estate investor before a divorce
1) Refinancing a mortgage can be tricky – Some couples think about refinancing the mortgage so that the name of the person staying there is the only one on the mortgage. This can be a valid option but a major problem can be that the partner who wants to assume the property might not even qualify for the mortgage without the other partner’s earning potential. Also, if the house has appreciated in value the partner who’s name would come off of the deed would not benefit from the profit of the sale.
2) It’s less complicated and risky than just changing the deed – Maybe your lawyer has presented you with the option of assigning your interest of the house to your spouse through a ‘quick claim deed’. This may seem like the easy option but if your name isn’t off the mortgage you could still be responsible for mortgage payments. Why try to complicate your divorce when it could be simplified through the sale of your house?
3) There’s no need for showings – Another compelling reason for a couple to sell a home to a property investor before the divorce is finalized is that the houses could be bought in ‘as is’ condition. I’m reminded of a situation of a couple in Alafaya who couldn’t agree to who would clean the house. Others have the civility to take turns in coming to the house at preset times to take their share of the belongings. In either situation it’s understandable how using a regular realtor could be problematic.
4) There’s no need to stage the house – A realtor needs the house to be clean and staged whereas a real estate investor is not at all concerned with that. Sometimes emotions can overrule reason and one spouse will not keep the house clean for client showings. Or maybe they might not allow anyone in at all. In situations like these, working with a real estate agent would be useless.
5) There’s no need to fix or renovate anything – During a divorce both parties tend to disagree. Can you imagine how uncooperative they can be when deciding to renovate a bathroom or kitchen? Coming to consensus about any decision to raise the equity of the house is probably not going to happen.
6) You can claim the huge tax exemption – As was stated earlier in this article, in Florida there’s a $500,000 tax exemption for capital gains when a house is sold quickly before a divorce. This exemption is cut in half if the couple chooses to wait until after the divorce.