Part of every divorce is dividing up assets and finances, but one of the tougher aspects that both couples and courts face is the division of property. Mortgaged homes and the property they rest on are often a married couple’s largest investment. While this can be a tricky part of your divorce, there are a few ways you can make the process hassle-free.
Lawyer Up
While hiring a lawyer may not sound like a hassle-free process, it’s far easier than trying to defend your claim to the property on your own. Professionals like family law attorney Hollie Lemkin are well versed in the law surrounding these cases, which comes with a few benefits.
First, you have proper representation capable of fighting for your rights in a court of law. Second, you can sit back and let the attorney as well as their legal team do the heavy lifting. That includes every aspect of building your case as well reviewing bank statements and paperwork. Finally, they can fight your former partner’s claims to ensure you get the maximum amount of money or retain your right to the property.
Single Ownership
Outside of the courts, whoever’s name is on the title holds full ownership of the property. That doesn’t always hold water when you’re going through a divorce, however. If one party can prove they funded part or all of the cost of a property, then ownership might change.
The battle comes down to how much equity a partner has. If Spouse A paid the all of the costs but Spouse B has their name on the title, then Spouse A can claim ownership. If this cannot be proven, then the title owner retains control.
These factors only come into play when the divorce becomes turbulent. In most cases, partners and their attorneys can easily divide the property based on individual contributions as long as both parties agree.
Joint Ownership
The easiest way to handle joint property is to sell it and split the money down the middle. If that’s not possible, then attorneys must comb over bank accounts for individual contributions towards monthly payments as well as the initial down payment.
You might also have to transfer the title to one party, factoring in additional costs like registration as you go. When this happens, one partner buys the other out with the price based on market value. Any property sold within five years of the purchase date also includes reversing any claimed tax deductions.
It’s vital that you hire an attorney for joint property, as these financial decisions rarely go over smoothly. This is especially true when you have made the majority of the contribution towards your house. Make sure to check divorce attorney reviews, which will help you find the best person possible to represent you in court.
The Hassle-Free Path
Attorneys are always there to help litigate property battles, but the only true hassle-free way to deal with property during a divorce is to come to a mutual agreement with your partner. Work to keep decisions fair for both parties and avoid arguments whenever possible. If the two of you can come to a conclusion on your own, you’ll save yourselves valuable time and money.