Dividing Real Estate During Divorce

The perception is that divorces can be complicated and messy. However, they don't have to be when you've got an experienced family lawyer on your side. Beyond the issues of child custody, the question of dividing real estate assets will become central to your divorce settlement. Determining the value of that real estate will be the job of your attorney. First, you'll need to provide them with all the specifics. 

Deposition Preparation 

Both spouses will be deposed as part of the divorce proceedings. These depositions could occur in your attorney's office. The primary issue will be details about the marital residence. You will want to get your facts straight about when your home was purchased, what was the cost, where did the down payment come from, who is on the title and how are the monthly loan payments taken care of. That is information you need to become familiar with before the deposition. Even if it wasn't your role in the marriage to manage finances, you should still have knowledge of these basic facts. 

Your family lawyer will be asking you to discuss any improvements made to your home since the purchase. This includes who paid for these improvements and if it changed the appraised value of your home. 

Additional Real Estate Holdings

Your deposition will also include any additional real estate holdings that were acquired during the marriage. As your lawyer will explain, these can be considered marital assets even if you didn't contribute financially to their purchase. Property that was directly inherited by one spouse could be considered outside the bounds of marital assets. However, if you supported that property through maintenance, upkeep or other improvements, then it could be become an issue that you might be compensated for. 

Stay Strong

Although it is difficult to reduce your marriage to assets, you will want to stay strong through these proceedings. At Smith Strong, our skilled family law attorneys can offer legal expertise and emotional support during these trying times. Call us today at 804-325-1245 (Richmond) or 757-941-4298 (Williamsburg) to set up a consultation.