When couples separate, the most debated issue, besides the children, are their financial assets. The more assets a couple holds, the harder it is to reach an agreement on how to split up the joint property and debts. Here’s what a homeowner needs to understand while resolving property disputes in divorce.
Division of Property
For a divorce, two different types of property get recognized. ‘Separate Property’ is one that belonged to a spouse before marriage or the one that was gifted by someone else other than the spouse. ‘Marital Property’ is the one the couple purchased during the marriage. Post a divorce, the marital property gets divided justly between the two spouses according to the Equitable Distribution Law.
The occupancy rights may go exclusively to one spouse depending on various circumstances. These rights can be granted to a parent with custody of the children if the court has delayed the sale of the home or due to the safety concerns of one of the spouses during the time of divorce proceedings. The rights can also get applied in situations where courts give orders of protection against one spouse to stay away from home.
The court or divorce agreement decides which spouse takes responsibility for any debts. However, if the couple was co-signatories in debt, and the spouse responsible does not oblige to make the payments as ordered, the other partner will be held accountable. To avoid this situation, one should write to creditors to ask them to close any joint accounts created with the spouse.
Court’s Decision To Sell
The court’s decision to sell the property depends on things that affect equitable distribution after considering the property value, mortgages and other available housing options. The court can direct the home to be sold immediately or delay the sale in case one parent has custody of the children. The court can also decide to give the house to one of the spouses.
Before any real estate can be impartially divided, they must be accurately valued. Call us if you’d like to sell your house quickly. We buy houses in Milwaukee WI for cash. We’ll pay a fair price for your property and help resolve your financial worries post-divorce.