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Selling Property (Home) During Divorce: All You Need to Know

Selling Property (Home) During Divorce: All You Need to Know
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The majority of engaged couples, when planning their weddings, do not give significant consideration to the prospect that they may one day end up divorcing each other. While this is taking place, statistics indicate that almost half of all marriages will ultimately result in divorce. As a result, throughout the process of getting a divorce paper form, 50% of all married couples are forced to deal with issues that did not matter to them before they had a family.

A common source of dispute in many different types of relationships is disagreements regarding the division of jointly acquired property, such as real estate. In today’s post, we will discuss the meaning of the term “common property,” offer guidance on how to best prepare for the inevitable difficulties that will arise when dividing up marital assets after an easy divorce online, and lay out the steps that you should take if you ever decide to sell an asset that you and your partner have jointly owned.

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What Property Is Considered Joint

Divorce documents do not necessarily classify all of a couple’s assets as community property, which means that the sale of those assets does not necessarily require the consent of both of the exes. The law states that each spouse has the right to maintain their independent property, which includes whatever that either of them inherited or brought into the marriage before or during the marriage.

Except for jewelry and other expensive items, personal items (clothing, footwear, etc.) acquired during the marriage with shared funds are regarded to be the exclusive property of the spouse who used them. This rule does not apply to items of exceptional value.

All of the assets that the spouses have, including any presents that were presented to them during the wedding, are regarded as communal property and are split down the middle. Both partners have equal rights to any property that was acquired during the marriage, and this is true even if one partner did not work outside the home during the marriage for reasons such as housekeeping or child care (income).

If it can be shown in court that during the marriage, investments were made at the expense of the community property of the spouses or the personal property of the other spouse, thereby significantly increasing the value of this property, then the property of each spouse (donated, acquired before marriage, or inherited) may be recognized as common joint property.

This is the case even if the value of the property was not significantly increased. property. Extensive renovations, new construction, or rebuilding of an apartment building, house, or other structure are all examples of such projects.

Regardless of who the property is registered to or how much time has passed since the divorce, the alienation (sale) of jointly acquired real estate requires the approval of both spouses, regardless of whether or not the couple is still married or has divorced. This is the case even if the property is registered to a third party.

If this is underappreciated or ignored, it may generate obstacles that cannot be overcome, which will prevent the effective completion of the real estate deal. As a result, there are circumstances in which marital property can become “unsellable,” such as when one of the spouses has relocated permanently outside the country and there are no records available to show where he currently resides.

If this does not occur, there will be considerable financial, time-related, and emotional costs associated with the sale (the state duty when launching a lawsuit on the division of property is 5% of the value).

Also Read: Main Reasons Why Rental Property Owners Fail

Opportunities for a Marriage Contract

Experts in the law recommend that couples carefully clarify the mechanism for the partition or disposal of the common joint property before, during, or after the marriage to reduce the likelihood that future problems would arise over this issue. The prenuptial agreement is the legal vehicle that is utilized most frequently for the resolution of disputes of this nature.

This binding legal agreement can be finalized in advance of the wedding, and it will go into force on the day when the couple is officially recognized in law as husband and wife. Any time during the marriage and up until the divorce becomes final, as established by the court, or the date the court divorce forms are recorded with the registry office, the contract can be written up.

However, it must be signed during the marriage (that is when the issue of division of common property has already arisen). Therefore, a prenuptial agreement can be used by divorced couples to “settle” their disagreements over shared assets.

It can go into extensive detail regarding the split of any shared assets that were already in existence at the time that the marriage contract was signed or that are acquired by either spouse after the wedding:

1. Jointly Owned Assets (Real Estate, Vehicles, Etc.)

These assets are divided equally between the couple, with each partner receiving a 50% stake.

This in itself, if it is required to sell the entire property, does not ease the problem, because instead of seeking approval for the sale from one of the former spouses, both spouses will function as sellers.

Obtaining a certificate of ownership of a share in jointly acquired property can be done either by completing a marriage contract or by applying to a notary, who will give a certificate of ownership to either spouse. Certificates can be obtained by either spouse at any time during the marriage or by either spouse after its dissolution, regardless of how much time has passed.

2. Common Property Is Divided Between Spouses

To illustrate, a house and money might go to the wife, while a car and garage might go to the husband, or vice versa. Each ex-spouse can then freely sell or otherwise dispose of the assets that legally belong to him.

The term “section” may not always accurately convey the spirit of the action when referring to the division of acquired joint property between spouses before, during, or after the dissolution of a marriage.

A marriage contract may also provide for the separation of joint ownership of a particular piece of property (such as a home or apartment complex) and the transfer of exclusive ownership to one spouse, with no compensation to the other.

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Sale of Common Property Without a Prenuptial Agreement

If a divorce is finalized but a prenuptial agreement has not been completed and it becomes essential to sell the marital home, the spouse in whose name the property is registered will be the one to sign the contract of sale. Getting the ex-approval spouses before finalizing a sale is crucial to ensuring that the deal doesn’t get thrown out in court.

A notary or registrar’s certification of the sales contract is all that’s needed for such consent to be provided immediately. When one spouse cannot or does not wish to be present at the transaction, the other spouse’s consent can be notarized at a U.S. embassy or consulate abroad.

As of the moment of the ex-death, spouse’s the consent is null and void, and the rights pass to his heirs; if he has any, they will need to give their approval.

If three years have not yet passed since the divorce, the parties can split their assets by filing a claim with the court. Or, have a notary public issue you a certificate of joint ownership for any property you both owned before the marriage.

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