When you and your soon-to-be ex-spouse file for an uncontested divorce, there are still some important issues that need to be hashed out at the divorce mediation table before you can reach a settlement and finalize your divorce. Division of assets, especially real estate, is one of the most pressing issues that come up in divorce settlement negotiations. When you and your soon-to-be former spouse are ready to talk about the terms of your divorce, here are a few things to know about how your real estate assets will be divided in order to reach a fair, equitable divorce agreement.
When it comes to real estate in a divorce, a key question is whether the property was purchased jointly. Any property that was bought by one of you prior to your marriage is not considered marital property. Real estate that falls into this category will not need to be divided in a divorce. Any property purchased after your marriage, or with both of your names listed on the deed, however, is considered marital property and must be equitably divided in accordance with the stipulations of your divorce settlement.
Another factor in the division of real estate during a divorce is whether the property in question is your primary dwelling. If you and your soon-to-be former spouse own a house that serves as your marital home, the question of who gets the property in the divorce may be less about equitable asset division and more about who needs it more. Many couples going through a divorce tend to agree to let the party who will be retaining custody of the children keep the house, so as not to unnecessarily uproot them. On the other hand, some divorcing couples may not have any children to weigh in the balance of their decision. In this case, a couple could decide either to sell the property and divide the profits or to turn ownership over to the party with the greater need for living there. For example, if the work commute dramatically increases for one spouse if he or she is forced to move out of the marital home, then it may be more reasonable for him or her to remain while the other spouse finds a new home.
In addition to your primary dwelling, other real estate you may own, such as a mountain cabin or an investment rental property, may either be sold, with profits split evenly, or fairly distributed in your divorce settlement, with one spouse getting the rental property and the other spouse keeping the vacation home, for instance. Acoording to one Chicago divorce mediation service, if you are both able to successfully negotiate the division of your real estate assets during your divorce mediation sessions, you can generally anticipate a fair divorce settlement in the end.
As with any other divorce negotiation, try to keep a clear, level head, avoid anger or emotional outbursts, and stay rational throughout the divorce mediation process, you and your soon-to-be former spouse can reach a satisfactory agreement much more quickly, so you can begin the next part of your journey.
