Liquidate Assets Prior to Divorce in Chicago
Selling your house can be difficult to do when going through a divorce. The sale of assets, prior to divorce in Chicago, may be on your mind. It can be emotionally and financially draining for you and those involved. Did you know that the sale of your house may benefit you, to help you pay for the divorce?
If you are interest is to liquidate your assets before divorce, keep reading. In this blog, we go over everything you need to do to get your house to sell.
Sale of Your House during a Divorce
The sale of your house in the midst of a divorce can complicate A LOT. The Standard Family Law Restraining Orders are in effect as soon as the divorce petition is filed. Here are some of the stipulations from Farzad Law while you sell your home in divorce.
The stipulation and order to sell the house during a divorce stipulation means you must agree. Therefore, a stipulation and order is an agreement that becomes a court order. It's true, divorce in Chicago is not as easy as it seems. Possibly, the easiest way to sell the house during a divorce is via a written and signed agreement between the spouses. That becomes a court order. Effective legal representation is important.
Some of those may be the following:
- Is the selection of the real estate professional mutual? Which spouse provides the other with a list to choose from? Is there another way to choose?
- How will the price be set? Is it up to the real estate professional, subject to the approval of both spouses?
- How is the price to be reduced, when necessary?
- Who is the lead in all communication with the real estate professional? Does every discussion and decision go through both spouses?
- Can both spouses formally simultaneously approve offers, counteroffers, and acceptances?
- Is there an agreed dollar amount that, if offered, results in an acceptance of an offer? Do the spouses have the ability to negotiate any price?
- Are liens or encumbrances, other than the mortgage, to be paid from the sale? Are they in dispute as a community or separate property? If so, from whose share are they to be paid?
- What happens to the sale proceeds?
- Are there reimbursement claims by either spouse, such as one resulting from a separate property down payment, that can lead to Family Code 2640 claims?
These are all things that need to be sorted out before the sale of your house. Going through a divorce is not only emotionally overwhelming, but expensive. You have to pay for your divorce, so you probably don’t want to pay for a lawyer to sell your house. So, what are your options?
Sell Your House before Filing for the Divorce
Divorce in Chicago is not ideal, but sometimes necessary. If you can, sell your house before filing for the divorce. Once you have make the decision to get a divorce, you probably don’t want to wait the time it takes to sell your home. That is, on your own or with a realtor. A cash buyer is a good person to reach out to in this situation. Express Property Solutions is a cash buying company that can purchase your home in days. We come out and give you an offer because we have the cash waiting for you. We are able to get you out of your home fast, before you file for divorce.
Contact us today at 312-764-0989. We help people in this same situation all the time. We know how hard this can be. Likewise, we are here to help you feel comfortable through this entire process.