Tammy Harrison
Divorce
Divorce real estate refers to the unique set of circumstances involving the sale, division, or management of real property (homes, land, etc.) during a divorce. Because real estate is often one of the most valuable assets a couple owns, its handling during divorce requires careful consideration. Divorce real estate involves legal, financial, and emotional aspects, with the main goal of equitably dividing the property.
Tammy Harrison
Divorce
During a divorce, it's critical to establish the accurate value of the real estate. This often requires a professional real estate appraisal. The appraisal helps determine the fair market value, which is essential for equitable distribution, whether the property is sold or one party retains ownership.
One of the biggest issues is deciding who gets the house or how to divide the proceeds if it’s sold. Equity is the difference between the home’s market value and what is owed on the mortgage.
If one spouse decides to stay in the home, they may need to refinance the mortgage to remove the other spouse's name from it. This is important because both spouses remain financially liable for the mortgage unless it's refinanced.