Selling assets before divorce is something that many who find themselves in this type of stressful situation may attempt to do. It is a rough time that the couple is going through and there are a lot of mixed emotions. You are most likely concerned about how the money that you have, your house, and otherassets will be divided. But most of the time selling your assets can just make a bad situation worse.
What you may not realize is that this can get you into some serious legal trouble. Every state has its own specific laws as to how assets are to be distributed in a divorce. If you are considering selling your assets, you need to look closely at what the rules are. In general, the rules will fall into one of two categories.
Community Property States
Those states that are classed as communityproperty states have laws in place that create a 50-50 split of the assets that were accumulated during the marriage. It doesn’t matter which of the parties may have actually purchased them, they are considered to be part of the marital assets.
There are situations where individuals enter into a marriage and bring some assets into the marriage with them. This could be a specific amount of money such as savings, or perhaps a home or other type of asset. In this case, these types of assets will not be considered as part of the community property of the marriage. The exception to this is if you decided toco-mingle these assets in your relationship. It can get a little confusing when it comes to assets owned prior to the marriage and what happens to them during a divorce.
For example, if you have $25,000 in a bank account in your name, when you entered into the marriage and you kept it in your name, then that is your asset. However, if you took that money and put it into a joint account with your spouse then you have co-mingled that asset and it is part of the marital assets. Or you may have entered into the marriage with a new vehicle that was in your name, and you kept it that way. This too may not be considered as part of the marital estate.
Equitable Distribution States
When selling your assets you need to determine if the laws are based on equitable distribution. In this case, the splitting of the assets is based on fairness according to the specific circumstances of the marriage. While the law states each of the parties are entitled to a share it doesn’t mean that each will get half. Many contributing factors are taken into account when the equitable distribution is being determined.
It will take into account what each of the parties has contributed during the course of the marriage as well as how long the marriage was in place. Usually selling assets before a divorce anddividing assets means the laws of the state are not being adhered to. This can create legal consequences for the party attempting to sell assets before divorce. Selling assets before the divorce is finalized can be viewed as committing a crime and you can very easily get caught.
What some will attempt to do is hide their assets before actually selling them. This is so they will not be included in the marriage estate. During the divorce proceeding, there is what is called a 'Discovery'. This is where both spouses must provide all their information about their assets and financial information to each other. If you are hiding assets or have been active in selling assets before divorce and you do not disclose this you could be charged with perjury.
While the sale of assets before the divorce may be tempting for many different reasons, it really is not something that you want to participate in because no matter whether you are just contemplating doing so, it will probably get you into some seriouslegal trouble. You need to take the time to research the divorce laws of the state and make sure that you rely on the proper resources to assist you with making the right decisions. There is a lot that has to be considered regarding the sale of the home, and no doubt you and your spouse want to get the most for it if you decide to sell. If the value of the home is not going to cover the mortgage outstanding then you may want to find alternatives to selling assets before divorce.
Sell Your House Fast
Selling a house quickly after a divorce can be a stressful situation. If you need to sell your house fast and don’t want to go to all of the work, Fair Deal Home Buyers will give you a cash offer in 24 hours. Just give us a call at 414-409-8251!
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I had the pleasure of working with Fair Deal Home Buyers, and I must say it was a fantastic experience from start to finish. If you're in a situation where you need to sell your house fast, I highly recommend giving them a call.From the moment I reached out, their professionalism and expertise were evident. They walked me through the entire process, answering all my questions and concerns with patience and clarity. It's clear that they truly understand the real estate market and the needs of homeowners.What sets Fair Deal Home Buyers apart is their commitment to integrity. In an industry where trust can be hard to come by, they prove themselves as reliable and honest home buyers. There were no hidden fees or surprises along the way, just a straightforward, fair deal.They made the entire selling process incredibly convenient. Unlike traditional real estate transactions, when something small came up they were on top of it and helped navigate and resolved the issue. Fair Deal Home Buyers streamlined everything, making the sale efficient and stress-free.Furthermore, their responsiveness was outstanding. They kept me updated every step of the way, ensuring I felt comfortable and informed throughout the process. It's clear that they prioritize their clients' satisfaction.In summary, if you find yourself needing to sell your house quickly and want to work with trustworthy home buyers who offer fair deals and exceptional service, don't hesitate to contact Fair Deal Home Buyers. They made what could have been a daunting experience a breeze, and I couldn't be happier with the outcome. Give them a call, and you won't be disappointed.
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My experience with Fair Deal Home Buyers was initially marred by a challenging issue. However, their professionalism and dedication in resolving it transformed my perception entirely.I encountered an unexpected problem during the sale of my house. It seemed like an insurmountable hurdle at the time, causing frustration and anxiety. But when I turned to Fair Deal Home Buyers for help, they showed unwavering support.Their team demonstrated remarkable problem-solving skills. They assessed the situation diligently and came up with a creative solution that not only addressed the issue but also exceeded my expectations. Their commitment to resolving the problem promptly was impressive.What truly stood out was their transparency throughout the process. They kept me informed at every step, ensuring I understood the steps being taken to resolve the issue. This open and honest communication built trust and alleviated much of the stress I was experiencing.In the end, Fair Deal Home Buyers didn't just salvage the situation; they turned it into an opportunity for a successful sale. Their dedication to customer satisfaction was evident throughout, and they left me not only with a resolved issue but also with a positive impression of their professionalism and integrity.If you find yourself facing challenges during the home-selling process, I wholeheartedly recommend reaching out to Fair Deal Home Buyers. They demonstrated their commitment to solving problems and ensuring a fair deal, even in the face of unexpected difficulties. It was a lesson in professionalism and a testament to their dedication to their clients.
Fair Deal Home Buyers were a pleasure to work with. If you're seeking to sell your house quickly, don't hesitate to give them a call. They are reliable and trustworthy home buyers.
I've always been amazed at the professionalism and the level that they take their education and knowledge in helping people sell their home as seamless as possible.
Through out the entire process Nena and the rest of the staff went above and beyond to assist me with the selling of my property. It was a pleasure to work with them and would definitely recommend them.
My wife and I decided to downsize recently. We bought a small condo in Mequon and were looking to sell our 4 bedroom house in Brown Deer. Instead of fixing, cleaning and listing for sale with a real estate agent, we decided to sell the house "As Is".We had received 4 offers. Fair Deal was most professional and easy to work with. Zak, Peter and Jeanne were very helpful in every step of the way.From offer to offer review stage and closing (and all steps in between), Fair Deal made it very easy (and hassle free, without any delays) for us to conclude the sale of the house.Anyone looking to sell a house in today's market, I recommend Fair Deal very highly.Harshad Shah
Working with Peter and his team was great. Although we did not end up selling our home because the house we were looking at fell through, I would recommend anyone with unique circumstances trying to sell their house give them a call.
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