If you are considering a divorce or are going though one, it is important that you learn as much as you can about divorce laws in your state and how they impact your Montgomery AL real estate holdings. Yes, you probably have enough to deal with already, but knowing as much as you can about relevant divorce laws will certainly make your life easier in the long run.
Although a divorce eventually involves the distribution of all of a couple’s assets—and action dictated by either an equitable distribution system or community property regulation—generally the most pressing issue (other than child custody)—is the resolution of dividing your Montgomery AL real estate.
Since the selling of a home is stressful by itself, let alone when accompanied by a divorce, the cooperation of both parties is vital to make a complicated and emotion-laden process work as smoothly and civilly as possible. The following suggestions to help combat volatile issues and strong feelings:
1. Consult with your divorce attorney. A well-crafted settlement agreement can help to avoid many types of disputes. The agreement should be quite detailed, including all potential issues that could arise during the sales process. The greater the detail, the better. The agreement should ensure that the interests of both parties are aligned towards selling your Montgomery AL real estate so that you both can move on with your lives.
2. Find a real estate agent who specializes in selling property for divorcing couples. With divorce rates continuing to rise, many Realtors are beginning to market themselves as specialists in selling homes for couples who are divorcing. These agents understand the complexities of a pending divorce case and will work with you on an individual basis.
Before you can decide how your Montgomery AL real estate is to be divided, you must first determine its value. There are three methods which you can use to do this:
Tax assessed value. Although tax valuations tend to be low by as much as 10-20%, this value is likely to be the one used by the courts in case of dispute.
Appraiser. For a fee of $300-$400 this person will perform a market valuation.
Realtor. A real estate agent estimate the can also value your property, generally for little or no cost. His/her valuation may be less reliable than that of a professional appraiser, however.
Determining equity in order to equitably divide assets is a complex process which can become quite complicated.
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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
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