It is not new to our society nowadays the word divorce, it happens all the time some are to be expected and some come from out of nowhere but what happens to your property when this happens? Here is some information in order for both parties to be settled.
It is true that once you get married the biggest investment you can have is your properties but what happens when the two of you decided to take separate ways or in short have a divorce?
The first thing attorneys would be looking at is the date the property is purchased and the usage during the marriage time. It is a very big factor when is the real estate is purchase if one party already purchased that property before getting married it is most likely to be considered as a pre-marital asset that only belongs to one party.
Though if that said property served to be the home the couple lives in during the time of the marriage or a property which has been a source of income for the couple the property may have been converted into a marital asset and it is to be decided on how they split it for both parties. So what are you going to do in order to settle the house without fighting?
If the two parties want a clean, easy and fast process one great idea is to sell the property however it doesn’t mean it is easy to split the money it will surely be not even and here begins the problem.
But if both parties have their agreements ahead of time thefuture headaches will be avoided. Hiring a professional will be highly recommended if one or both parties disagree with the splitting of the money. The worst case scenario will be if it goes to the judge and the judge decides a solution that will make both parties unhappy. So it is much better for both parties to settle it on their own peacefully. What if they don’t want to sell the house and each one of them wants it?
If one or both wants the property to be theirs then things will become more of a headache. But if one party walks out and decided to give up the property it is the other party’s obligation to free him in any deeds, mortgage, and other obligation that property still has. But like said above what happens if both want the property? Then this will be the time the judge will be deciding.
One way or another it is very rare to see that both parties will come out happily after the judge’s decision most of the cases one party will be on the uppers side and one will be on the downhill or worse is both will be unpleasant with the decision to come on now you are married for how many years talk it over and make an agreement on your own.