One of the most complex things in any divorce is what will happen with the family home. There are tough decisions that will need to be made and you must understand the process in and out. If you don't, you might end up with legal trouble or roadblocks that could make the sale impossible. You also have to make sure that you get a good deal for the house in the middle of all of this. Let's take a look at the process of selling a house in a divorce.
Who Will Get the Property?
That is the most important question a lot of people will have when selling a property during a divorce. Contrary to what many people think, each partner doesn't necessarily get half. It will largely depend on your jurisdiction, and you might get a nasty surprise when you find out how assets will be distributed.
Fair vs Equal Sharing
In some states, a judge will decide who should get what. They will attempt to divide the assets fairly, but not equally. They might look at things such as the financial contributions of both parties. This is why we would suggest you speak to a property lawyer today. People like the property law experts at Cline Jensen will be able to tell you what the rules in the state are and what you can expect to get.
In other states, you might be able to keep the property if you bought it before you got with your spouse and their name was never added to the title. Whether your home is counted as marital or separate property will depend on various factors and the type of state you live in, so this is also where a lawyer will help.
Coming to an Agreement
You should also know that nothing is stopping you from negotiating with the other side if you want to facilitate things. This is often the case when people have multiple large assets to divvy up.
Maybe you have a few vacation homes and a large family home. Maybe one of you has more of an emotional attachment with the family home. In this case, you could leave them the family home and own some or all the vacation homes. By this point, neither side is free to do what they want with their property.
Another thing that you could do is decide to buy out the other party. Things could get tricky here because you will have to value the home based on current market value, but that’s not always a fair representation of how much you could get in a sale. So, this is something you will have to consider before buying out.
Selling a property after a divorce is rarely easy, and you have to know what to expect before you start. These tips should help you get a clearer idea of the process, and, if you still have questions, consult with a legal expert immediately.
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