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Real Estate and Property Division During Divorce Proceedings
The housing market has created a difficult environment for couples going through divorce. Spouses must often sell the family home, but would lose money on their investment by doing so. Perhaps there is another option?
December 01, 2011 /Law and Legal PR News/ -- Real Estate and Property Division During Divorce Proceedings
Divorce can be difficult for all couples whether the decision to separate is mutual or not, and various strong emotions can be experienced throughout the divorce process. Someone might anticipate a new beginning, worry about uncertainties moving forward, or regret his or her marriage did not work out.
However, there are certain issues each divorcing couple must address regardless of their emotions and circumstances. These topics include alimony, child support and custody (if necessary), as well as dividing marital property.
To Sell or Not to Sell, That Is the Question
Marital property -- the property subject to equitable division during divorce -- consists of all assets or property either owned jointly or acquired during the marriage. It is important to note, however, that equitable does not mean equal, but rather what is fair to the parties involved. Marital property can include joint bank accounts, retirement savings, vehicles titled to both partners and anything absent a clear indication of individual ownership.
Property owned by one spouse before marriage, such as gifts and inheritances, that are not commingled with the other spouse's property are considered separate property and are not subject to division.
One of the most difficult property decisions couples have faced recently is whether to keep or sell the family home. The housing market has seen vast depreciation during the recession and many couples who own their home together would lose money if they sold in this market. To help make this decision, AOL listed several factors partners should discuss before putting their home up for sale:
-Economic Considerations: Can one partner afford the monthly payments, upkeep and other expenses associated with home ownership? Can couples afford not to sell? How will the proceeds be divided between husband and wife?
-Emotions: The sentimental value of keeping the family home can cloud even the most astute financial decision-maker's judgment. Be sure emotions are not governing your decision.
-Living Situation: Some couples can remain together in the same residence, while others cannot -- know which group your relationship falls into.
Couples must carefully analyze whether selling the family home is in their best interests, and an experienced divorce lawyer should be consulted before any decision is made. If you are considering divorce contact a qualified asset division attorney immediately to discuss your rights and legal options.
Article provided by Law Offices of Anthony C. Williams, PLLC
Visit us at www.anthonywilliamslaw.com
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