Dividing your assets in a divorce settlement is tough since there is no way to split a co-owned house in two. While selling and splitting the proceeds may be the fairest option, you may be searching for alternatives. What may be best way to ensure a smooth parting without having to deal with future real estate ownership or mortgage issues? There are generally two main factors that will drive your decision-making:- The affordability issue - A house that made financial sense to you as a couple will often have challenges translating to a single income after a divorce. The deed issue - To streamline the divorce process, you may choose to refinance your mortgage to remove your spouse from the financial burden while leaving both your names on the deed to cut down on paperwork. But, when you decide to sell, you may have an uncooperative co-owner on your hands. Unless a divorce agreement clearly outlines shared ownership and responsibility of property it is best to go through the steps to remove the spouse who moves from the deed. It is also in the parting spouse's best interest to cut ties to avoid potential financial or legal liability. Other Common Real Estate Options during Divorce
To evade major real estate regrets or unnecessary financial hardship after your divorce is finalized, you need a thorough divorce agreement with strong language. In case both the parties are ready to move on, selling the house right away provides a fair share of the profits from the deal for each side. If divorce proceedings lead to the agreement that one spouse can keep the house without having to pay his or her ex, be sure that all the ownership documents get signed at the same time. Since there is no guarantee a split will remain amicable. For any legal help regarding real estate, you must get in touch with Residential Real Estate Lawyer NJ from a reputed Estate Planning Law Firm NJ.
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