Is Your Home the Most Valuable Asset? It may be if there fails to be large retirement accounts or liquid financial accounts. Indeed, one of the most important issues to address during the divorce remains who gets the house. Often, the house constitutes the largest marital asset. Therefore, the divorce process breaks down when couples “heat” up over who gets the house. At C. E. Schmidt & Associates PLLC, we strive to put out the fires by telling it like it is. If our client maintains an unrealistic attitude about the marital residence, we know that more fighting is bound to result. An experienced attorney addresses multiple issues relative to a couple’s marital residence in as plain a way as possible.
Is the Residence Community or Separate Property?
First, the marital residence must be “characterized”. Don’t let the fancy word fool you! Quite simply, was the home purchased during the marriage? Or, did a spouse own the home prior to the marriage? The magic point in time in which a spouse gains title to the home determines the “characterization”. Specifically, did you buy it prior to marriage = separate property? Was it purchased during marriage and with community property funds = community property. However, a spouse who marries a home owner may gain an ownership “interest” in different ways.
Don’t Try to Figure This Out on Your Own!
Ending a marriage requires a great deal of patience and fortitude. Much of the road ahead challenges even the most steady person. Therefore, seeking an experienced attorney remains vital. At C.E. Schmidt & Associates, PLLC our team remains dedicated to you. We focus our energy on your well-being. We constantly strive to produce the best possible outcome. Call 281-550-6650 today for a free consultation.