Many people have a considerable real estate portfolio. While this can be a primary source of income, it can become a major source of contention when a marriage ends. Trying to decide what’s going to happen with real estate when you’re ending a marriage can be a challenge because you and your ex have to decide together.
There are several options that you have when it comes to real estate during the property division process. You and your ex need to go through each asset to determine what to do with it. The only time that you won’t have as much to consider is if you have a prenuptial agreement in place. The terms of that agreement will be followed if there’s one.
Should you sell or keep real estate?
Selling real estate is one option that you have during the divorce. This may enable you to pay off marital debts so neither party has to worry about how those will be paid. Both parties can enjoy a fresh start once the real estate is dealt with.
Keeping real estate is another option that might work. If you’re considering this, remember that one party has to buy out the other unless there are assets that can be equitably divided. Be sure that you consider the cost of keeping a property because you might need to pay for everything solely with your income.
You have to take an honest look at what’s possible when you’re trying to determine what to do with real estate in your divorce. This could ensure that you walk away with a settlement that sets you up in the best manner possible for the new chapter of your life.