Going Through a Divorce is Tough Enough by Itself … But Selling Land During Divorce Can Be a Nightmare!
Even under the best conditions, there are always challenges along the way. Sometimes, couples are forced to stay together financially until they can sell the land during divorce and raise enough proceeds to pay the other off so they can get on with their lives.
Consider Tax Consequences of Selling Land During Divorce
You may be in love with the land and want to build a dream home on it, but you might want to consider the consequences of being forced to live in a dysfunctional relationship! YIKES!
(I did that once for 2 years over a piece of land and it sucked).
You could end up with an expensive capital gains tax. You might be better off trading the land for other assets.
As if selling a land during divorce isn’t stressful enough, selling assets before a divorce can also be challenging. If not done correctly, there could be serious tax implications. Liquidating assets, though, should be a last resort due to taxes.
However, if you do liquidate assets, make sure you know what you’re dealing with when it comes to investable assets and the costs associated with it. Also, know the cost of a real estate asset and what the capital gain will be when you sell the land. Get a good business valuation and appraisal for any collectibles you may have. Don’t liquidate a 401K or fail to get fair price when you sell an asset. When selling land during a divorce, again, you also don’t want to acquire a huge capital gain with what you sell.
Keep in mind, you don’t have to worry about taxes if you transfer assets back and forth with your spouse. Collaboration is when you and your spouse decide what something is valued at. In most cases, a judge does not get involved.
How To Sell Land House Fast
While selling land during divorce, as hard as it maybe, don’t argue. Many real estate agents agree that couples who argue, while selling land during a divorce, often don’t agree when it comes to pricing and listing the property. This could jeopardize a potential sale and worse yet, the land could fall into foreclosure. So, set aside your differences and sell the land or agree to turn the land over to your spouse or yourself.
Do You Live in a Community Property State
Another question to ask while selling land during divorce is whether you live in a community property state.
There are only nine of them: Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Wisconsin, and Washington. In a community property state, all assets acquired by you and your spouse are divided equally at the time of divorce. No other factors are taken into account. The rest of the states have equitable distribution which allows divorce courts to take factors into consideration such as length of marriage, ages, health, and the fact that one parent might have stayed home to take care of the kids.
Hire a Realtor to Sell Your Land
Traditionally, many couples who are selling land during divorce hire a realtor and they pay a commission when it sells.Or they sell the land themselves but then have the hassle of being in charge of the whole process.
Instead, why not sell your land to The Lot Guy!
When selling land during a divorce, I can give you a fast sale and cash. All you need to do is fill out the form to get the process moving. I’m in the Brevard County area so can make you a cash offer within 24 hours.
In just a few days, you’ll be free of your land and able to move on with your life. You’ll have quick cash and can immediately begin prioritizing your financial goals. This is how to sell land fast in Florida.