Our last post covered some questions that a divorce may bring up if there is real estate involved. Today, we’ll cover a few more questions.
Is a Deferred Sale a Good Idea?
It can be, especially if the parents want the children to continue living there until they’re grown. Deferred sales are often the best situation for divorce situations that are being handled through a mediation process that stays outside of the court system.
How Much Will it Cost to Buyout My Spouse?
First, you’ll need the most accurate appraisal possible. To accomplish that, you’ll want at least two different appraisals because appraisals aren’t necessarily objective, especially if there is something unique about your property.
However, there’s more to home value then an appraisal from a real estate specialist. The spouse who plans on buying the other out needs to find a home inspector, roofer, and termite specialist.
What is FLARPL?
People can give their lawyers a lien against their share of shared real estate to cover reasonable attorney fees. Named a FLARPL, or “family law attorney real property lien,” it can assist the spouse who doesn’t have available funds to pay his or her lawyer.
Should I Purchase a New Home?
As a general rule, you should avoid making new major purchases before the divorce is final. Doing so could ensure that your spouse can claim interest unless the new purchase is made entirely with separate property.
Do you have more questions about divorce and real estate? Contact me at 801-910-8559.