Property division tips for Wisconsin divorces

Where divorce is concerned, one of the most pressing property division concerns often has to do with real estate property, especially the marital residence. Both parties will have claim to this property, but one party will invariably get the house. The other party must be bought out in some way in order to release his or her claim on the property. Likewise, where mortgage loans are concerned, one party may bear the burden of a hefty loan even if he or she doesn’t live in the house, which may be a problem for future home purchases.

There are a number of options available for Wisconsin divorcees to address property division. Chief among these is refinancing to buy out an ex-spouse. If an ex-spouse contributed a certain amount of money or non-monetary benefits, a refinance could enable the staying spouse to cash out the dollar amount contributed by the ex-spouse and then directly pay the leaving spouse.

If this sort of agreement is not possible due to being underwater on a mortgage, it is also an option to receive gift money from a blood relative or immediate family member in order to buy out the leaving spouse. This can also help to offset any present gains in the home’s value that funds from a refinance would not be able to cover.

A divorce lawyer may be a valued partner in divorce proceedings where property division is a major issue. A lawyer may give advice regarding strategy before, during and after divorce proceedings. There are also several different types of agreements that may be negotiated to avoid having to refinance or sell a house, but these largely depend on airtight contracts. A lawyer may help to draft a divorce agreement that will stand up in court and is beneficial to a client’s financial future.

Source: Credit.com, “How to Divide Your House in a Divorce“, Scott Sheldon, December 04, 2014