. Emotions run high during a divorce....getting even...getting more..because he/she deserves to get...or give....and the list goes on and on. Some people believe that if they divorce in a community property state...every marital asset is divided equally. At this time these are the states with community property division laws:Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Reality is that every asset is not divided equally...each spouse doesn't get half a house...half the bank accounts.
Child support often comes into play and there are set percentages of income paid to the custodial spouse. In some cases, a parent will argue for "joint custody" which greatly reduces or eliminates the payment of support. This may or may not be possible...as children get older, living in the same school district or orchestrating transportation becomes an obstacle to this arrangement.
The sale of the house may not mean that each spouse gets half the proceeds. One spouse may have greater retirement assets accumulated during the marriage and will get less than half the proceeds of the house. One spouse may get all the proceeds of the house in lieu of being paid maintenance. Sometimes property division is yet to be determined at the time of the sale in which case, proceeds are kept in one of the attorney's trust accounts until the divorce is final and funds are distributed, often with an assurance that attorneys receive payment. The title company will require a letter from one of the lawyers or the court indicating how proceeds are divided or in what trust account the money will be held.
Working in divorce as a niche it is important not to "Assume" authority, property division or any other legal aspect told to you by one or the other spouse but not verified by a legal authority. If you choose to work with divorcing couples, get the education, know the laws, respect the boundaries, develop trust and confidentiality from each spouse...all part of success in this specialized area of real estate practice.
If you or anyone you know is divorcing in southeastern Wisconsin, Sally K.& David L. Hanson are the only realtors certified in divorce in Wisconsin and honored to be of assistance for all things real estate.
This has been an informational post regarding the niche of divorce in real estate, education is priceless and necessary to work in this area of real estate practice.