Divorce and Real Estate: Selling Property
A potential point of contention in a marriage dissolution proceedings involves divorce and real estate. A variety of complications can arise when it comes to the matter of divorce and real estate. Moreover, the process of actually selling real property while a divorce case pends can also prove to be a complicated endeavor. A person contemplating or in the midst of a divorce needs to understand the essentials of divorce and real estate.
Divorce and Real Estate: Obtain Court Approval
Court approval can be required when it comes to selling real estate while a divorce case is pending. This particularly is the case is the parties to a divorce are not able to reach an agreement on how real estate is to be dealt with during the marriage dissolution process. With that noted, even if the parties end up agreeing on the sale of real estate, a judge may still require them to seek and obtain approval of the court before such a transaction occurs.
Divorce and Real Estate: Selling Property at a Later Date
In some divorce cases, a need exists to sell real estate at a later date. In most of these types of situations, the marital home is the real property at issue.
A common example of when it is necessary to sell real estate at a later date is one in which the custodial parent desires to remain in the marital residence until the children reach majority. There is an argument to be made in favor of the stability the marital residence and provide to minor children in the aftermath of a divorce.
When this type of situation exists, the parties can include a provision in a divorce settlement agreement about when and how the real estate will be sold. The provision enumerates how the proceeds from the sale shall be divided between the parties. The court ultimately approves this agreement as part of the process of approving the overall marriage settlement agreement.
If the parties are unable to reach an agreement in this type of situation, the court will conduct a hearing. At the hearing, the court takes evidence on the proposed delayed sale of real estate. Ultimately, the court enters an order setting forth how this will be accomplished at the later juncture in time.
