Saturday, February 26, 2011

Diividing Real Estate Properties After A Divorce

By Maria Valenzuela

The marital house is one very crucial asset in a family. However, it can be a start of disagreements between two parties especially when a divorce has been decided by the couple. Once legal proceedings have started, one of the difficult issues to resolve is what happens to the house or perhaps other real estate properties after a divorce. Both partners might have invested emotionally and financially to the house and the threat of the consequences of divorce can also damage the family both emotionally and financially.

The state's property division law describes a house as an asset and it can be subject to division, but it doesn't have to be sold. Your children might still be living in the house and so legal rights and economic situation must be taken into consideration before making any decisions that hurt you and your family emotionally and emotionally.

Either the husband or wife may want to know the percentage of the house that belongs to them or with whom will the court hand over the house. In this kind of argument, it always boil down to practical considerations like who gets the house or if it will be sold to a third party, as well as the terms of the buyout. If it's possible, it is more advantageous if you can work this out with your spouse. But if it's not then you can consult your lawyer for a number of options available for you and for some information on how you can divide the real estate after a divorce.

Experts suggest options for homeowners facing divorce. One common advice that lawyers or some of your friends suggest is to sell the house. Splitting up the equity is difficult to do especially if there isn't any cash for either partner. By selling the house, cash is the only thing that is left to divide and more often than not, 50-50 is the common split.

There is a problem if one person wants to keep the house and continually live there until the court announces its final decision. In this case determining the equity of the home is the first step followed by determining portion of the equity is marital and what is non-marital. After the marital versus non-marital interests are determined, the parties can discuss a division of the asset. Once the property is awarded to one of the parties, the other party is compensated for their share of the marital equity. But if there is no available asset to even out the division, and for some other reasons, the property may be sold and the proceeds divided.

About the Author:

No comments: