Virginia Divorce ~ Real Property
The definition of real property is every piece of real estate you and your spouse own. This is your home, your beach house, your condo or interest in a real estate investment that includes both spouses names.
There are a few possible solutions to dividing real property in your divorce. One spouse can forfeit their entire interest in the property to the other spouse. Both spouses could agree to sell the property. Another option is allowing one spouse to remain in the property for a set amount of time until minor children are out of the home.
Lots of questions in a divorce arise about who gets tax credits if one spouse maintains a home alone, who pays interest payments, which spouse benefits for the real property in their divorce. An agreement will have to be made for your real property in your divorce.
In some cases one spouse wishes to buy out the other in a divorce for property. It would be a good idea for you to speak with your tax advisor before agreeing to a buy out. It’s important to know all the facts before signing anything away, whether you are compensated or not. It would also be a good idea for you to contact a few appraisers to determine what the fair market value of your property actually is before agreeing to anything.
Make the best decisions for you and your children in your divorce.