The Reality of Dividing Real Estate During a Divorce: Why You Should Hire a Pro?

Posted by Oliviajayden on March 24th, 2021

Divorce is one of the most stressful life events that can take a lot of toll on one’s emotional, mental, physical, and not to forget, financial health as well. The entire process involves many hard yet necessary decisions, including property and real estate division. It can be overwhelming for a person undergoing the separation leading to some emotional and impractical choices. It might seem easy, but dividing the ownership of assets, property, and debts can be a highly complex process, thus, require the assistance of a top certified divorce real estate expert and an experienced attorney.

So, how does legality come into play?
Property divisions are affected by the nature and types of divorces. Due to the amount of dispute and apprehension within the two parties, divorces can be divided into uncontested and contested ones. Other types fall in gradation between the two depending upon the mediation, arbitration, and external collaboration required. Uncontested divorces are usually straightforward, require minimal mediation, and tend to be less costly. They take less time where both parties agree with all terms and file for the documents. Contested ones are those that everyone pictures when they think of the word “divorce.” Due to multiple disagreements over crucial areas such as property, child custody, spouse support, and other divisions, these divorces tend to take a lot of time and can be costly.

This is where the state law intervenes and dictates the division by categorizing property into two types:

    • Separate property: where a property can belong to a single spouse.
    • Community property: The property being contested is divided equally among both spouses.

Depending upon the rules and regulations followed by your state, your property will be eligible for community or equitable distribution. Community distribution states that each spouse is liable to receive ownership of a single property. Equitable distribution follows a fair division of all those assets but not necessarily equally.

Another tricky process is the division of debts, which decides who will take entire responsibility for any leftover debt settlement that must have happened while the couple was still together.

Considering everything, the following are the issues that usually arise: value division in the property settlement, division of debts, and tax issues in relevance to the property in question.

You will be surprised to see how quickly things get ugly when it comes to divorce settlements. People become unreliable and turn to “not-so-truthful” tactics to avoid any tax or debt responsibilities and acquire financial benefits. The legal implications are confusing enough, let alone the dishonest behavior and treachery that might get invited, especially in cases of highly uncooperative spouses. Ensure you educate yourself and get the assistance of a top certified real estate expert to guide you through the process judiciously.

Author’s Bio: The author is an avid blogger and the article talks about the process of real estate divorce settlement.