Divorce and Property Division
If you cannot decide the property division during a divorce trial, then the divorce lawyer in Kenosha, WI, appeals to the court. The court, from there, takes all the decisions regarding the division of the property. Only the monetary assets, house, or other properties are divided, and the debt is divided between the divorcing partners. Whatever the court might decide has to be followed by the couple. Not many cases end up in courts for property division. Couples mostly come to a mutual decision regarding it.
Dividing the marital house
The couple’s house during the marriage is termed a marital house. The marital house is generally the largest piece of property that the couple holds. On appeal to the court, the court decides how the property will be divided. The court will give three options to the couple, either they can sell the house and divide the money, buy and keep the house, or co-own the property. An experienced lawyer will help you decide which option will be the best for you.
Selling the house
If none of the parties wants the house or does not have a house of their own apart from the marital house, then they can sell the house and divide the amount equally. While selling a house, your primary focus must be the property’s market value. If the market value of the property is not that high at the given time but can hike up shortly, wait for a few days. The factors like debts, mortgages, or house loans should also be considered as they will be divided equally among the partners.
Buy out the property
Secondly, you can buy the property, which means that either party can buy the house from the other. It is possible by either paying the amount the other party would get if the house were sold. It can also be done by settling to give up other properties by evaluating the equity that will balance the buy-out.
To co-own the property
It is the third and the least favorite option. A few problems with co-owning the property include unkempt costs, credit reporting, death, and bankruptcy. Having a house together after divorce can bring a lot of problems because now you are two individual entities, and both the parties have to be present to maintain the house, as it is co-owned.