Wisconsin residents may be familiar with a major aspect of divorce, the division of real estate. Numerous scenarios can present themselves when a divorce occurs. If a spouse wants to stay in the house and the vacating spouse wants the initial down payment returned, the property can be refinanced to come up with the money. If a house was purchased with a down payment of $100,000 and if only $60,000 can be raised to buy out the spouse because of a decrease in property value, one option is to make up the difference with gift funds, coming from family in most instances.
If a spouse is attempting to buy a house, and the spouse and ex are still legally married, a spouse can release interest in the transaction by signing a quit claim deed. As in most conflicts, keeping the lines of communication open between spouses means that amicable settlements are more likely to ensue.
It is important to monitor credit reports and make sure that debts fairly represent what is owed by each spouse. When there is much acrimony in a divorce, it may be advisable to consult an attorney. A divorce settlement has a long-term effect on a relationship and family, and even extended family, so in most cases, it is best to secure representation.
There is more to divorce than the division of property, and each divorce is unique. Rather than risk a fair and equitable settlement, a family law attorney can assess each element of the case and provide guidance. When there are alimony and child custody concerns, many assets, out of state property and pension plans, an attorney can assist a client to obtain the best settlement terms.
Source: Credit.com, “How to Divide Your House in a Divorce“, Scott Sheldon, July 09, 2014
