A common source of contention in divorce, it’s imperative that you learn your rights and legal obligations when it comes to real estate division. Even an uncontested divorce can involve a myriad of complex factors, such as emotional, financial, and legal considerations, all of which have the potential to influence how shared assets will be divided. Despite these potential complications, preparing a real estate division plan that works best for your family’s situation can be accomplished without the need for expensive attorneys or drawn-out court litigation.
In this helpful post, we explore various real estate division options and important considerations, as well as how divorce mediation in Ronkonkoma is one of the best ways to save time, preserve your finances, and protect your emotional well-being throughout the divorce process.
Real Estate Division Options
- Sell the property and divide the proceeds: By transforming a shared property asset into liquid capital based on market value, a predetermined percentage of the proceeds can be distributed to each individual.
- One spouse keeps the property: This may be the best option if one spouse member would like to continue living in the property but may not have the funds to buy their share. In this case, the other spouse member may receive additional assets, such as a larger percentage of savings or retirement funds, to compensate for the property asset.
- One spouse buys all property shares: Alternatively, one spouse member can become the sole owner by offering to purchase the other half of the property with available funds or secondary strategies like refinancing the mortgage.
- The property remains co-owned: A couple can retain shared ownership following divorce. This is a desirable option if the property is an investment property, has multiple livable units, or is used to generate rental income.
Which Division Path is Right for Your Situation?
All of the above division options involve pros and cons. When evaluating which property division outcome may be best for your situation, it’s important to consider parallel considerations. For example, when determining who should retain ownership of the house, considerations such as maintaining a stable home environment for your children may overshadow the financial benefits of selling your property.
Unfortunately, it is not always easy to determine which path is best for your situation. In addition to personal preferences, legal factors related to asset division can further complicate the subject if your spouse may be entitled to more than you expected. Due to the potential for complexity, seeking wise legal counsel and ensuring that your asset division process is guided by sensible and credible guidance is advisable.
Improve Asset Division Outcomes With a Divorce Mediator
Our comprehensive divorce support includes in-depth assistance with all facets of property division and the many interrelated considerations. During divorce mediation, our unbiased legal advisors help you navigate all legal and family matters before organizing a cohesive divorce agreement founded on compromise, the law, and your family’s overlapping needs.
Why choose divorce mediation over litigation to handle your real estate division needs? Our experienced professionals at Long Island Divorce provide the following:
- 100% legal services that comply with all state and national divorce requirements.
- Neutral guidance to help you and your spouse make well-informed decisions that are best for your family.
- Complete assistance with all documentation preparation and submission.
- Expedited outcomes: our divorce and separation services take weeks, not months, to complete.
- Substantial financial savings by avoiding court fees, private attorneys, and other snowballing divorce costs.
- A path to peaceful resolutions and long-term family well-being by choosing calm and solution-oriented divorce mediation over combative litigation processes.
To learn more about how our divorce mediators can help you achieve a fair and affordable real estate division outcome, contact our legal experts for a free and informative consultation today.