When you and your soon-to-be former spouse file for an uncontested divorce, it’s important to resolve several key issues at the divorce mediation table before reaching a final settlement. Division of assets, especially real estate, is one of the most serious conversations that arise in the divorce mediation process. When you and your soon-to-be ex-spouse are ready to negotiate the terms of your divorce, here are some things to consider about how your real estate assets will be treated in order to reach a suitable divorce resolution.
When it comes to real estate in a divorce, one of the most important factors is whether the property in question was purchased jointly. For the most part, any real estate that was bought prior to your marriage is not considered marital property. Real estate that falls into this category does not need to be divided in a divorce. However, any property purchased after your marriage, or with both of your names listed on the deed, is considered marital property and must be divided fairly in accordance with the terms of your divorce agreement. Keep in mind, however, that not all states in America follow this standard. Be sure to ask about your state’s common property laws to be sure that a property you purchased prior to your marriage will not be included in your division of real estate assets.
Another consideration for the division of property during a divorce is whether the real estate in question is your primary residence. According to Chicago Divorce Mediation Service SplitSimple, f you and your spouse own a house that has served as your marital and family home, the question of who gets it in the divorce may be less about equitable division of assets and more about who has a greater need for it. Many divorcing couples tend to agree to give the house to the party who will be retaining custody of the children, so as not to cause further disruption in their lives and routines. Couples without children, however, do not need to factor this into their decision, and can instead decide to either sell the house and split the profits or to turn ownership of the property over to the party with the more compelling reason to remain there. For instance, if one spouse faces a much longer work commute if he or she is forced to move out of the marital home, then it may make more sense for him or her to continue to live in the house while the other spouse finds a new place to live.
In addition to your primary place of residence, other properties you may own, such as a vacation home or an investment rental property, may either be sold, with profits divided fairly, or equitably distributed in your divorce agreement, with one spouse getting the rental property and the other spouse keeping the vacation cabin, for example. In the end, if you can both successfully negotiate the division of your real estate assets during your divorce mediation sessions, you can anticipate a fair settlement when you finalize your divorce.
By staying focused on the matters at hand, trying to avoid outbursts of anger, and keeping a calm, level head throughout the divorce mediation process, you and your soon-to-be former spouse can reach an equitable, mutually beneficial agreement and end your marriage as quickly and simply as possible.