If you are going through a divorce, there is a good chance that you have a lot of questions with regards to how your property is going to be divided. Nobody wants to get ripped off in a divorce, but also no one wants to go through a long divorce. Real estate can be one of those items that are much more difficult to divide mostly because you cannot just cut a house in half and it is difficult to trade items that are equal value to your house if you only own one piece of property. Here are some tips for dividing real estate in a divorce so that you make sure that you are not taken advantage of.
1. Double Check That It’s Not a Premarital Asset
The first step is to double check that it is not a premarital asset. If the house belongs to you or your spouse before you and your spouse got married, then that piece of property belongs solely to one person and not to both of you. Unless your name is added to the deed of the premarital property that your spouse owns, you do not have a right to the property during the divorce.
2. Consider Selling the Property
If your goal is to get through the divorce is as quickly as possible, then your best bet is to actually sell the property and divide the money between you and your spouse. This will allow you to avoid having to barter about who gets what personal items or who gets to keep the house. This method is also best if you don’t have kids who are going to be upset by a move or if you don’t have any sentimental attachment to the house. It will also allow you and your spouse to avoid having to worry about making mortgage payments on your own. The only potential source of conflict with the method is that it could cause you and your spouse to have to look at how much each of you contributed to the house. If you contributed 60%, then you should get 60% of the sale, although it can be difficult to determine how much each person put towards the house thus far.
3. Buy Out Your Spouse
If you want the house and your spouse does not, get the house professionally appraised by an independent appraiser, determine how much your spouse put towards the house, and then buy him or her out of his or her share. Talk this deal over between your lawyers.
For more information, talk to a company that specializes in real estate law.