Dividing Real Estate
When you’re married for many years, the lines become blurred as to who owns what. Every item and asset purchased becomes joint property of both you and your spouse. While some things may be easy to divide, other things, like real estate property, can be more difficult to establish ownership. The process of dividing real estate can become even more complicated when one spouse wants to hold onto the property and the other wants to sell it.
Common Solutions to Real Estate Disagreements
There are a few options available in terms of dividing real estate property. These are a few of the most common options available.
Maintain Ownership of the House
It is not unusual for one, or both, spouses to want to maintain ownership of the property. It is possible that one spouse and possibly their children are still living in the property. Additionally, one or both spouses might feel that it is not the appropriate time to sell in order to get top dollar for the property. However, this might not be a good option if the divorce is messy as it often requires that you continue to work with your ex-spouse.
Rent the Property
Another option that allows both spouses to maintain ownership of the property without choosing who gets it is to rent the property. This also allows owners to wait out the market to increase the selling amount. Renting a property also requires that you and your spouse work together.
Sell the House
Many partners agree that selling the house is the best way to cleanly cut ties and move on with their lives. This is also a great option for couples who may not necessarily be able to afford the mortgage payments on their own. When selling the house, any profits are split between each partner equally.
It is also possible for one partner to maintain ownership of the property without co-sharing it with their ex-spouse. In a buyout, one spouse will pay the other for the amount they deserve. This amount is usually a monthly payment that will go toward the amount owed if the real estate property would have been sold and split. This is a great choice for spouses when one person wants to hold onto the property and the other does not.
Choosing the Right Real Estate Solution For You
Real estate is often one of the biggest assets that couples share. When you decide to divorce and split assets, dividing the real estate property can be a difficult process. It is important to consider who wants what and what types of compromise are available to meet everyone’s needs. If you need assistance in coming to an agreement, then it may be useful to seek third-party assistance.
It can be helpful to call on the following professionals:
- Real estate inspector: It is important to know the value of the property
- Divorce lawyer: A divorce lawyer can help you negotiate and ensure that you receive what you are owed
- Divorce mediator: A divorce mediator can help to mediate conversations in order to come to an agreement.
If you and your spouse are unable to come to an agreement, then the case may be ordered into court and decided by a divorce judge.
Contact a Voorhees Family Law Attorney for a Consultation About Divorce in New Jersey Today
If you are thinking about filing for divorce, or if you have already started the divorce process and are dealing with another matter such as child custody, child support, or division of property, you need to speak with a qualified attorney. The New Jersey family law attorneys at David & Mendelson, L.L.C. represent clients throughout the state, including Voorhees, Cherryl Hill, Lindenwold, and Haddon Township. We understand how challenging this time can be for you, which is why we will fight hard to protect your interests, and the interests of your loved ones, throughout the legal process. Call us at (856) 627-0700 or fill out our confidential contact form to schedule a consultation. We have an office conveniently located at 1200 Laurel Oak Road, Suite 101, Voorhees, NJ, 08043.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.