Divorces are unhappy events in any marriage nor are they easy to take place. There would be a rare divorce case which concludes without any dispute over assets owned by the spouses. The spouses may own properties such as cars, house, furniture etc. this jointly owned property is called ‘marital property’. In most of the divorce cases, the disputes are related to the real estate. This can be a house or an investment property- many couples remain unsure about the status of their real estate property when going through a divorce.
The date when the property was purchased plays a vital role- whether it was purchased after marriage or before the marriage took place. In case, it was purchased before the marriage, the property may be considered as a ‘pre-marital asset’ and will be considered as the ownershipof the spouse who bought the property. In case, the property was used as a home where the coupled lived after marriage, or that home served as a source of income for the couple, such property may be considered as a ‘marital asset’. The maritalasset is subject to the equal division between the spouses.
The ownership of property in a divorce depends upon the state law. In most of the states, a person can own the property before marriage and can retain the status of ownership, even if there is no ‘antenuptial’ agreement. The owner of the house enjoys the benefits of the property, however, if the owner shares the property or income of the property in a joint bank account, the interest of the solitary ownership may stand dissolved.
If there is a property which was purchased after the marriage or used for the marital benefits or goals, will be usually considered as an asset of both spouses. For instance, if the couple bought a house after marriage and lived in that house, the interest of both partners will be equally split between them.
In case both parties want to the real estate dispute to be resolvedin a clean, quick and civilized manner, selling the house will be the better choice. Here the only issue they will need to address is how the division will occur and this issue may become disputable if handled without any guidance.
If there is any pre-agreementto the division, the spouses can avoid unnecessary disputes. Otherwise, hiring a real estate attorney can be of great help who can act as a mediator as well as a guide on proper distribution of the asset. If both parties are still unable to resolve, the court or judge will give the verdict on the case whether the parties like the decision or not and remain unhappy.
The case becomes complicated when they want to keep the house. When one party gives up the right toownership, the other spouse may buy the other spouse’s interest. With the buying of such interest, the spouse who gave up the interest will be removed from other rights and duties associated with the property.
When both partners want to keep the property, the judge will decide the case. In most cases, the ownership is given to one spouse but at the cost of other properties. This means that both parties receive equal ownership of the properties. So, it is always better to settle the division despite the disputes, instead of getting the matter resolved through court.
Melbourne Criminal Defense Attorney have successfully handled thousands of cases as well as across the United States, in both state and federal courts. We will tenaciously fight for you from start to finish and do everything we can to help you reach the most favorable outcome possible.
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