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Using a private sale to transfer real estate during a divorce

| Feb 12, 2019 | Divorce

The decision to end a marriage is often a difficult one at which to arrive. However, couples in Missouri and across the country often come to the decision that it is in the best interest of everyone involved — potentially including children of the relationship — if each choose to live separately. Once the decision to divorce is made, there are several others that must follow, including how to divide marital assets such as real estate.

For many, the most obvious answer may appear to be to list the property for sale. Once sold, the couple can then distribute the proceeds of the sale as appropriate. However, this isn’t the only option.

In some circumstances, one person may decide that he or she wants to keep the family home. For example, if the wife decides she wants to keep the home, both she and her spouse will have the home separately appraised. Depending on the individual circumstances of the case, a judge will add the two different appraisals together and divide by two. The wife is then expected to pay her estranged husband half of that amount. She can use her spousal and child support payments, if she receives any, as income to help refinance the home in her name.

For many people in Missouri, the many decisions that follow the choice to divorce can often seem overwhelming. As such, they often want an attorney with experience with family law advising them throughout the process. With such help, they will likely feel more confident in their ability to make the decisions that could potentially impact the rest of their lives.

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