During the asset division process, divorcing spouses must resolve what happens to their real property. But what exactly is real property? Our attorneys at Lokken & Putnam, P.C. define real property and how it is handled during a Utah divorce.
What is Real Property?
Real property doesn’t just mean all physical assets the spouses share. Instead, real property refers to real estate assets. This includes land, the family home, business buildings, investment properties, deeds, and more. This is some of the most expensive and important property that one can possess, so spouses going through divorce are often concerned about what will happen when it’s time to divide real property.
Dividing Real Property in a Utah Divorce
It can be complicated to reach an agreement or judgment on how to handle real property. In most cases, real property can be split evenly between divorcing spouses. However, there are multiple ways to go about this.
If the couple owns multiple pieces of real property, they may divide the property based on value. For example, if the spouses own two similarly valued houses, each spouse may gain sole ownership of one property. As you could assume, though, this is a rare occurrence.
If there is only a single property owned by the parties, the Court will typically order the parties to split the equity. This can be done a few different ways. For example, they may sell their marital or family home and each spouse gets to keep half of the profits. Or, if one spouse would like to retain the property, they may be able to buy out the other party by paying them 50% of the equity in the home.
There are numerous other ways that real property can be handled during a divorce. Speaking with an experienced attorney can help you learn more about potential outcomes and how to reach a resolution that is in your best interests.
Who Lives in the Home While the Divorce is Pending?
This is one of the most pressing issues related to real property. Sometimes, spouses are able to continue living together through their divorce. Otherwise, the primary caretaker of the children generally remains in the home. This is to help maintain some normalcy and stability for any minor children involved.
Divorce and Asset Division in Salt Lake City
Lokken & Putnam, P.C. understands your concern about your real property during and after a divorce. We want to help ensure that you get your fair share of marital property and are set up for a successful future after ending your marriage. Call us today at (801) 829-9783 to learn more about how we can help you throughout your divorce or with any issues that arise after.