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Are You Concerned About Who Will Get The House?
A house is often one of the largest assets a married couple owns and can be a significant source of stress during a divorce. Many people are attached to their homes, but one spouse must leave. In some circumstances, neither spouse can afford to keep the home after the divorce. The attorneys at Brazil & Benske, LLC, use our almost 50 years of combined family law experience to help people in southeast Wisconsin understand their options for dividing real estate in a divorce.
The family home is not the only piece of real estate that may be at issue. We have helped clients negotiate the division of many types of property, including:
- The family cabin and vacation homes
- Rental property
- Business property
When couples, or even one spouse, owns multiple properties, asset division can quickly become complex. We can advocate for the best possible outcome on your behalf.
Dividing Real Estate Requires Several Steps
As you are thinking about your divorce, you should give careful consideration to the real estate assets in your marriage. Dividing real estate can be a complicated process, but you can start right away when you consult with a knowledgeable lawyer. You will need to take the following steps to divide real property:
- Assess the value of the property. The easiest way to do that is to hire a professional appraiser you both agree on. It may cost a little money, but it’s well worth it to have an accurate picture of the value. If you are thinking of keeping the property, you must decide if you can afford it. Don’t forget the cost of keeping property, such as an ongoing mortgage, property taxes and maintenance.
- Negotiate your desired outcome. The simplest solution is to talk about what you would both like to see happen to the property. If you can agree, you will save yourself a great deal of time and money. If one of you wants to keep the property, you will likely have to buy out the other spouse or trade for another piece of marital property. If neither of you can afford to keep the home, you may have to come up with a plan to sell.
- Exchange or sell the property. If you agreed on a plan or the court awarded the property as part of the divorce order, one of you will likely sign a quit claim deed to the other. Otherwise, you will put the property on the market to sell.
If you and your spouse cannot agree on a course of action, we will aggressively pursue your desired outcome in court.
Contact Us Today
Real estate transactions are complicated even under the best circumstances. Let us help you with your real estate analysis. Call our Milwaukee office at 414-939-0468 for a free initial 30-minute consultation, or send us a message online.