Wisconsin is a community property state. There are nine community property states, the eight others are: Arizozna, California, Idaho, Louisiana, Nevada, New Me
xico , Texas and Washington. Community property means that all marital property is owned equally...there are exceptions to that...and definitions of how and what is/is not marital property. Generally speaking, a house is purchased during the term of the marriage and falls into the "community property" 50/50 equal division category.
You might think, if you had not been involved in divorce and real estate, that this makes things easily divided...proceeds or expenses are divided in half. Wellll...no that is not the way it happens in "real life." In real life...one spouse has been living in the house while the other has moved out...and the "discussion" begins....
The judge may have said in a temporary order that both parties are equally responsible for the mortgage and maintenance of the home. That may not be what happened. The "non residing" spouse as we call them...sometimes refuses to pay anything..or pays part of what is ordered...part of the mortgage, not the maintenance...or any combination he/she chooses.
Invariably, we are reminded just before closing by one or the other or both spouses...to be sure that they "get their half" of ....the proceeds...that their about to be former lender refunds BOTH spouses the property taxes paid year to date...they have always neatly divided the profit...or refunds in half...the debt ,...not always as willingly.
So what is a Realtor specializing in divorce to do ? First of all we always suggest that divorcing couples work with Realtors who are well versed in divorce and have both the education and experience to help BOTH members of the couple during this time.
The answer is that the Realtor lets BOTH attorneys and Both parties know that there are expenses and/or profits to be divided. If there are checks to be written at closing...who gets how much. If there is a dispute over who is to pay a bill that can stand in the way of closing the transaction, that needs to be determined...by the court or agreement with the attorneys...not the Sellers...as well.
There are times when the proceeds are "to be determined." In these cases, the check is held by one or the other attorney's trust account until such time as division is decided by the court.
If you or anyone you know is considering divorce or divorcing with property to sell, call the Hansons, if you are not in southeastern Wisconsin, we will find you a Realtor with experience in divorce and real estate in your area. You deserve to take the very positive steps in beginning your next happily ever after.
Comments(9)