Selling a House During a Divorce in Virginia: What Richmond and Henrico Couples Should Know
Date Published
Deciding what to do with the house is often one of the hardest parts of a divorce. Some couples agree that one spouse will keep it; many decide the simplest path is to sell and divide what’s left. Here’s a general overview for homeowners in Richmond, Henrico County and nearby.
This article is general information, not legal or tax advice. Your divorce attorney should review any plan to sell before you sign anything.
Who Decides, and Who Signs
If you and your spouse agree on what happens to the house, that agreement is usually written into a property settlement agreement. If you can’t agree, a Virginia court divides marital property under the state’s equitable distribution law, which aims for a fair division, not necessarily an equal one.
If both of you are on the deed, both of you will need to sign to sell. Even if only one of you is, the house may still be marital property, so talk to your attorney before listing it or signing a contract.
The Mortgage and the Money
Both spouses stay responsible for a joint mortgage until it’s paid off or refinanced, even after one moves out, so missed payments can hurt both credit scores. When the house sells, the mortgage and closing costs are paid first, and what remains is divided the way your agreement or court order says.
A Note on Taxes
Federal tax law generally lets each owner exclude up to $250,000 of gain on the sale of a main home (up to $500,000 for a married couple filing jointly), if ownership and use tests are met, such as having lived in the house for two of the last five years. How that applies during a separation depends on timing, so ask a tax professional.
Your Options
- One spouse keeps the house. This usually means refinancing to take the other spouse off the mortgage and buying out their share.
- List it with an agent. Both of you have to agree on the price, repairs, showings and offers, which can be hard while things are tense.
- Sell it as-is for cash. One offer, no repairs or showings, and a closing date that fits the divorce timeline.
We buy houses in any condition throughout Richmond and Henrico County, including Glen Allen and Highland Springs, and you choose the closing date.
or see how selling to us works.
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