Getting divorced is definitely not an easy thing. There are a lot of emotions involved, but many other things as well. Even though one cannot afford to only think about themselves in most cases (likely, there are children involved), when it comes to disputes over major assets, you should definitely think about yourself, at least a bit. Here’s how divorce proceedings affect real estate.
The time when a property was purchased plays a vital role in which it will belong to. If the purchase dates back to an individual’s premarital days, things are pretty much clear – the spouse, who bought it before marriage, gets the ownership rights. However, if the property served as the place of residence for the married couple, or as a source of income, the property might be a subject to equitable distribution, with regards to both spouses.
The solitary ownership interest can be achieved; even without the prenuptial agreement, in some states. However, if the owner spouse begins sharing the use of the property in question, the exclusive ownership of it might dissolve.
When it comes to property or properties purchased after a marriage, it’s generally considered an asset of both partners and the interest is split equitably between the parties.
The divorces might get messy, in fact, they usually tend to do. However, if the two parties to a divorce are civil and want no trouble, selling a property might be the best idea. Selling a property, however, still might cause issues, which is easy to avoid if both parties agree beforehand. That simplifies the division.
Naturally, having attorneys negotiate with each other, or hiring a mediator is also a way to determine how the proceedings will go and is a good alternative to having the presiding judge will make a determination. Having the judge decide removes the ability to come to a better arrangement between themselves in both parties.
Selling the property might be best way to go, but there are plenty of cases where both sides want the property. If a party is willing to dissolve their ownership, the other party can simply buy out the other’s interest in the property, which will remove the departing participant from deeds, mortgages and any other rights and obligations, when it comes to the property in question.
If both parties wish to retain possession of the property in question, there’s no other way to settle this than by means of a judge. The judge usually grants ownership to one party, but at the cost of other assets that the party may have wished to retain. This is as close as it gets to equal distribution, without selling the house and splitting the profits. However, resolving the disputes amicably is always better than going to court.
When it comes to divorces, there are a bunch of things to cover, in addition to property settlement. In fact, many things are way more important. We will mention the example of Oregon here. Things can be quite easy and quick, when it comes to how to file for divorce in Oregon. The proceedings are dealt with swiftly and both parties can quickly focus on more important things, such as dealing with real estate, raising children and other important factors.
Dealing with early stages of divorce proceedings quickly is very important – it’s the easiest part and dwelling on it for too long might cause frustration.
Regardless of how okay you and your spouse are with regards to everything, both of you should get quality, experienced and competent lawyers that will help with negotiating and offer you the best possible resolution. Furthermore, if a deal isn’t achieved, having a proper lawyer at your side, who has been there since the beginning of your divorce is priceless.
Dealing with real estate in divorce can be a hefty burden – you might even be sick of the whole thing and decide to “whatever, just take it all” the entire case. This, however, can have lasting consequences and once you cool off, you might regret it. Take proper legal advice and consider all the aspects before making a decision.