If you are planning to get a divorce, you will need to be aware of many different financial concerns that could affect you. Perhaps the most important of these is the division of marital property. The process of dividing your marital property can be challenging, especially when it comes to valuable assets such as real estate.
Understanding how your home and any other real estate property you own will be treated during your divorce is crucial. A knowledgeable attorney can help you navigate the complexities of property division, ensuring that your financial interests will be protected.
Determining if a Home Is Marital Property or Separate Property
The first issue you will need to address when considering real estate during your divorce is determining whether a house or other property is considered a marital asset. Generally, marital property includes all property acquired by either spouse during the marriage, regardless of whose name is on the title. Thus, if you purchased your family home or any other property during your marriage, these assets will need to be divided between you and your spouse.
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