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Divorce – What Happens to Your House?
Any divorce lawyer would tell you that divorces are hardly easy. Even if both parties decide to separate on a mutual agreement, there are very few cases where everything ends well with zero disputes especially when it comes to dividing major assets. One of the most important asset couples going through divorce fight over is who gets to hit the house. So what happens to real estate assets once a divorce rocks your marriage? There are different factors. Read on to see what affects the outcome:
Date of purchase
One of the factors that can affect who gets the house is the date when it was purchased. If the house was purchased by one of the parties before the marriage, then it can be considered as a pre-marital asset and the house will go to the party that bought it. In most states, it is still possible to retain exclusive ownership of the real estate even in the absence of a prenuptial agreement. But to do so, the house must be used exclusively for the benefit of the owner. Once it has been shared during the marriage, it will be hard to fight for solitary ownership. Properties that were purchased after the marriage ... more
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