A term we’ve been hearing lately is “ethical uncoupling.” It sounds a little fussy, but it is also a good way to describe what a divorce is meant to do. Separate your lives leaving each one as intact as possible while being fair about what each partner will leave the relationship with. This includes any real estate owned within the marriage.
We want to be clear that we’re not attorneys and are not here to give you legal advice. As Realtors we can offer our expert advice on real estate matters only. What we can tell you is that our experience tells us the simplest way to split up real estate during a divorce is to sell your properties and split the net profits.
This ensures that all taxes and other debt obligations for the property have been taken care of essentially by the property. In other words, neither partner is left with any responsibility to real property. Additionally, the equity is then able to be split up either by agreement – discuss that with your attorneys – or by a court if an agreement isn’t possible.
Every situation is different. Selling shared property upfront might not be the best option for everyone. If you’re still trying to determine what will be best for your situation we can sit down with you – either together or individually – along with your legal representatives to help you sort through what options are available.
It is also possible for one spouse to buy the other’s equity out of the home in order to maintain possession of it. The Kern Team can help you work out what a fair price would be to do that. We can also offer resources to help you refinance if that’s necessary.
Let’s talk about your situation in specifics. Give us a call.