Divorces are one of the most tragic and painful transitions in life.
In addition to the roller coaster of emotions involved in dissolving a marriage, there is also the difficult division of assets to consider.
One of the largest assets, and often most complex to divide is real estate.
Under these circumstances, no matter if it’s an investment property or the marital home, the estranged couple will have the question, “What’s going to happen with the house?”
While this is a valid question, it isn’t one that’s always easy to answer so we are breaking down the most important pieces of the process for you in today’s post.
How to Deal with the House Without Fighting
One of the simplest ways of dealing with the marital home without fighting is to sell it; thus allowing for a civil and clean break. However, there still lies the issue with the division of proceeds following the sale. Unfortunately, the issue of how proceedings involving this division can become contentious. When parties can come to an agreement beforehand, they’ll experience fewer headaches following the sale of the property. Another way to help mediate the issue is by hiring an attorney to make these negotiations regarding the appropriate division of cash. If this isn’t successful, the judge presiding over the divorce proceedings will determine the division based on the law.
When Both Spouses Want the House
Things become trickier when each of the estranged spouses wants the house, whether it be out of spite or for financial reasons. If one party is willing to walk away from the property, the other can “buy out” the one who isn’t staying’s interest. In doing so, the departing spouse must remove themselves from the mortgage, deed, and all rights to the property.
If this effort isn’t successful, and both parties firm in their stance regarding home-ownership, the judge must make the final ruling. Under most circumstances, ownership is granted to one party at the cost of other assets that they may have hoped to retain. This prevents one party from getting more out of the divorce in comparison than the other. These situations often mean significant sacrifices. Therefore, it’s essential that estranged spouses work out their differences amicably instead of going through court.
Seeking Legal Assistance
Because the process of distributing real estate property is fraught with complications, it’s crucial to find legal assistance from an experienced, competent attorney and real estate agent. They’ll help with the negotiations of an appropriate resolution or, if necessary, taking the case to court.
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While buying and selling real estate can be exciting, it can also come with its fair share of trials and turbulence. Especially if you don’t have an experienced Realtor on your side to guide you through. That’s why we fill our blog with the best and brightest real estate and local advice every week. Please come back each week to discover something new that we couldn’t help but share with you.