St. Louis Divorce Lawyers

The Betz Law Firm : What Happens to Real Estate in a Divorce?

Dealing with real estate in a divorce can be a complicated procedure.

Real Estate Divorce Lawyer

Divorce can be a very problematic time in life. Most married couples will jointly own and reside in one property, and so this will need to be dealt with as part of the divorce proceedings.

Legal Help with the Process

Dealing with real estate can be a complicated procedure and so it is always wise to hire an experienced St Louis divorce attorney to help things go as smoothly as possible. The purchase date of the property is important here. If one of the parties purchased the property prior to the marriage, then this may be considered to be an asset that belongs to just the person who bought it. But, if the house was lived in by the couple during their marriage, or it was used as a source of income then this may be considered to be an asset of the marriage, and so then could be declared to be owned equally by both parties.

More Regarding Sole Ownership Retention

It is possible to hold on to a property bought solely in a person’s own name prior to marriage, even if a prenuptial agreement is not in place. But this can only happen if the owner of the property is the only person to gain from it. If their spouse has gained from it either by living in it or by earning an income from it, then it becomes a marital asset. For example, if the property is rented out, and the rent money is paid into a bank account that is held in joint names, this is classed as being of benefit to both the owner and their spouse.

What Should be Done with the Marital Home?

Perhaps the simplest solution is simply to sell the property and split the proceeds. However, even then there can be arguments over how the money should be split up. If both parties can agree, this is great, but it may be necessary to do this through a third party, such as a St Louis divorce lawyer. If an agreement is not made, a court judge will make the final decision and that must be adhered to.

When Both Parties Would Like to Retain the Marital Home

Things get complicated when both parties want to keep the house. If one person is happy to leave, then the other person will need to buy them out. But if no one wants to leave, again this may end up being decided by a judge. The cost of taking on the property may be high. The other party will want their share and of course, the person left in the house then becomes solely responsible for the bills and upkeep of the property.

Contact a St. Louis Divorce Lawyer

Divorce proceedings can quickly turn from agreeable to argumentative. Having a St Louis divorce lawyer ready to step in and converse with the attorney of the other party can help move the process along faster and can help you to get what you want out of the situation. Without a divorce attorney, it is easy to end up pushed into a situation that is not to your long term benefit.

At The Betz Law Firm, our goal is to assist families in need to navigate their way through these important, life-changing events. Call us today at (314) 801-8488 or fill out our online contact form to discuss your case. While you may hear that an attorney is not necessary for certain situations, you should never take that risk when the well being of your family is on the line.