Divorce and Real Estate
When couples divorce, many assets need to be divided up. Of all the different assets involved in divorce cases, the division of real estate can be the most complex and contentious. Since real estate may generally be considered the most high-valued asset owned by a couple, many issues may emerge during negotiations of the division of marital assets. Should you be in the midst of a divorce and need to learn more about your options regarding real estate, turn to real estate attorneys Orlando trusts such as Nishad Khan PL.
Buying Out Your Spouse
In some divorce negotiations, one spouse may agree to buy out the other spouse’s interest in any real property so that the buying spouse can own the property outright. However, this may be expensive and could become quite complex if the property is the homestead of the couple. Additionally, there may be certain liens or encumbrances on the property, which may need to be resolved if one spouse opts to buy out the other spouse’s interest. Given this, it is important to understand what options may be available to you, so that you can carefully think through your options before making your final decision.
Selling and Dividing the Proceeds
Many times, when divorces take place, a couple will mutually agree to sell their home to a third-party and divide the proceeds of the sale. If you elect to proceed with this option, the upside will be that you will likely have money in your hand, but of course, the downside may be that you will also need to find a new place to live. Also, the sale of your property could take several months, so it is important to be aware of this as well.
Owning Property Together after Divorce
If your divorce is amicable, you may agree to continue owning real estate with your ex-spouse after your divorce is finalized. Should you elect to do so, always work with real estate attorneys Orlando clients rely on such as Nishad Khan PL to have all details of this arrangement in writing and clearly spelled out in easy-to-understand terms.
Finally, if the two of you cannot reach an agreement, a partition action may be filed by one of the parties and the court may order your real estate to be sold, which will take the decision-making process out of your control. Given this, if a partition is filed, it is important to turn to real estate attorneys Orlando trusts such as Nishad Khan PL.
Should you need additional guidance about this subject, schedule a consultation with real estate attorneys Orlando residents trust such as Nishad Khan PL.