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What happens to real estate in a divorce?

On Behalf of | Nov 23, 2022 | Divorce |

A divorce is a difficult situation for anyone, but it’s even more of a challenge if you have considerable assets. For people who have more than one home, determining what’s going to happen with them can take much thought and some negotiations. 

There are several things that might be possible. If you and your ex are able to work as a team, you may be able to come up with a favorable solution for the division.

Each person gets a home

Do you have a second home or a vacation home? If there’s more than one martial home, each party might opt to walk away with a home. The valuation of both homes will play a role in how this is handled. 

Be sure to consider other factors, such as the location of the homes and the cost to upkeep the home. A home should be an asset to your life, so set your budget and determine if you’re realistically able to cover the mortgage, insurance, taxes, maintenance and all other expenses related to the property.

Selling real estate to pay debts

Selling off assets, including homes, can enable you to pay off marital debt. This gives both parties a chance to have a fresh financial start after the divorce. Creditors aren’t bound by the property division terms so they can still go after both parties for payment, so paying off all the debts may be the wisest move you can make.

The property division process must be handled logically so you can make decisions that are in your best interests. Make sure that you work with someone who’s able to help you to consider how the various property division options will impact your future.