Divorce and division of property

Divorce is a highly emotional affair. Often parties cannot think rationally while they are still dealing with the pain and the trauma brought by the divorce.

Despite that, parents have to think of the children, if any, and how they will survive without their spouse. Usually, it is the house that stirs the most controversy both before and after the divorce because it is the most valuable asset. A parent who has the custody of the children will naturally want to keep the house.

Instead of fighting who gets to keep the house, both parties might decide to sell it and divide the profits. However, this is not so easy since just like any property the house must be valued first and converted to cash. The sale itself might take some time and the profits will be subject to tax liability. This might pose a problem for a cash strapped family.

The aforementioned are the issues that usually hound divorcing couples. Here is a list of issues that a party needs to think about: 

• What property you want to receive after the divorce?
• What property you want your spouse to receive after the divorce?
• What property do you believe is yours and should not be divided by the court?
• What property do you believe belongs to your spouse and that should not be divided by the court?
• Are you willing to sell the family home?
• Are you willing and able to keep the home and buy out your soon-to-be ex-spouse, or alternatively, how much do you want if your spouse is paying you to buy out your share?

The answers to these questions and others can help you avoid or plan for problems associated with your real estate.