It is increasingly common for law suits to be settled before they ever reach trial. Mediation, arbitration, and simple negotiation all help parties to reach middle ground and resolve their issues without the time and expense associated with trial. Divorce is no exception to this, and the vast majority of divorce cases are at least partially settled before reaching a final hearing. In many cases, the most valuable asset the parties must distribute is their marital home or other parcels of real estate. Even in an uncontested divorce, the parties will have to come to an agreement as to how the real estate will be handled. Real estate and uncontested divorce has some issues that divorce litigants should be aware of.
The first issue that parties need to consider is making sure they have an accurate valuation. The parties likely have agreed to divide the equity existing in the home at the time of divorce. Accordingly, the parties should ensure that they have an accurate value of the home. The parties should consider splitting the cost to have a professional appraisal done to get an accurate number.
Another essential issue is who will keep the house and in what capacity. In many cases, both parties are on the mortgage. Therefore, if one party is going to keep living in the home, will he or she be required to refinance the home? If so, will he or she have a specific time limit within which to accomplish this goal? What will happen if it is not completed within the time frame stated? It is important to consider these issues and be specific in your MSA to avoid having to return to court.
Finally, make sure that the proper documents are executed following the divorce to effectuate the provisions of the MSA. For example, if the parties agree that the wife will receive the home in the divorce, then the parties need to make sure that the husband executes a quit claim deed relinquishing all his interest in the property to the wife. The wife will need ot make sure this is properly filed with the clerk and the necessary notifications are made to any insurance providers.
We can help you with your uncontested divorce. Call us for a consultation to talk about your goals and your house.
Are you interested in seeking an annulment? If so, contact Williams Law Group, LLC right away. Our family law attorneys will review your case to determine if an annulment is an option. If it is, we will guide you through the process and ensure you make the best decisions for your future. Call our office at (908) 738-8512, email us at[email protected], or contact us through our confidential online form to schedule a consultation
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