Did you buy Homes for Sale in Cincinnati Ohio, or homes for sale in Centerville Ohio and now going through the hassles of an unpleasant divorce? Do you fear losing your properties in this battle and become financially unstable? Here’s some insight to help you with the process and enable you to begin your second innings.
Divorce is one of the most stressful events in a person’s life. When it comes to divorce, splitting the properties can be complicated. Usually, people hold assets like house, commercial space, trading account, stocks, bonds, and license etc. You must have a deep and clear understanding of your own property and marital property. It’s also a good idea to seek guidance from an attorney who can help you with the process.
Be Clear About Your Property
Did you invest in Homes for Sale in Cincinnati Ohio, or homes for sale in Centerville Ohio before your marriage? There is no need to worry. As per local laws, this property would be classified as your own property and not marital property.
Your own property are the properties you had acquired before your marriage. Every property acquired after your marriage will be considered as marital property; the mutual bank accounts, business, and the house you bought after the marriage.
It is Very Important to Understand Your Own Property and Marital Property
Most people don’t have a clear understanding of a marital property and a separate property. This lack of understanding is the root cause of multiple problems. If one of the spouses used to own a property before marriage, but they enlisted the name of their spouse as a co-owner, then that property will become a marital property. At the time of divorce, this property will not be considered as separate property.
The equal split of property is a complicated task, and mostly the court ensures that the split is fair. For example, even if you had bought a property before marriage and you earned rental income post marriage and the property was managed by your spouse, it is considered as a marital property.
Choosing Property at the Time of Divorce
You can control the outcome of this division if you and your spouse can mutually agree on a separation agreement. If you can’t, the court has to go for equitable division where you may not have a say.
Here’s some tips to help you with the separation agreement.
Did you buy Homes for Sale in Cincinnati Ohio, or homes for sale in Centerville Ohio and now losing them in a court battle?
Blindly don’t go for the property which has more market value at the time of separation. Even your attorney will suggest you choose those properties which have long-term security value. Understand valuation and be ready to compromise. It’s always wise to settle things mutually rather than allow a third person to equalize in an ugly court battle.
Manage your Property Well
Most of the people are not able to manage their property on their own, and they end up selling that property. Many people choose the large house at the time of divorce, and then sell the property after divorce. They realize that the maintenance cost of the bigger property is relatively higher compared to a smaller property. Be wise and understand what’s valuable. The separation will be smooth and beneficial for both parties.
Looking for Homes for Sale in Cincinnati Ohio, or homes for sale in Centerville Ohio to being your second innings? Contact a trusted real estate agent in Ohio today.
There is no doubt that divorce is painful and split of the assets can destabilize your life. The above mentioned tips will help you to make the complicated divorce process smoother.