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 Tampa FL 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 Tampa FL 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. New York Divorce News.com makes 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 Tampa FL 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 Tampa FL 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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