How Divorce Impacts Your Real Estate

If you are considering a divorce or are currently going though one, it is important that you learn as much as you can about divorce laws and how they can impact your real estate holdings.  To learn about those laws in your state, click here.

divorce and real estateAlthough a divorce eventually involves the distribution of all of a couple’s assets, generally the most pressing issue (other than child custody) is the division of your real estate. To make this potentially complicated and emotion-laden process work as smoothly and civilly as possible,  consider the following suggestions to help combat volatile issues and strong feelings:

  • Consult with your divorce attorney.  A well-crafted settlement agreement can help to avoid many types of disputes. The agreement should be quite detailed, including all potential issues that could arise during the sales process.  The agreement should ensure that the interests of both parties are aligned towards selling your real estate so that you both can move on with your lives.  Have the property sold or refinanced into one name, while all of the other details of the divorce are being negotiated.  Even if your divorce decree assigns possession of those assets to one party, or if one of you voluntarily transfers title to the other, the liability for the loan will remain for both if you do not sell or refinance the asset.

  • Find a real estate agent who specializes in selling property for divorcing couples.  With divorce rates continuing to rise, many Realtors are beginning to market themselves as specialists in selling homes for couples who are divorcing.  These agents understand the complexities of a pending divorce case and will work with you on an individual basis.

Before you can decide how your real estate is to be divided, you must first determine its value.  If both parties are unable to agree on the current market value, there are several valuation methods that can be used, including current tax assessed value, request for a new appraisal, or an evaluation by a Realtor.  Determining equity in order to equitably divide assets is a complex process which can become quite complicated.  For more information about this topic, click here.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

2951 North Lincoln Avenue

Chicago IL 60657

Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

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