Aurora Real Estate Division
Having the right family law team on your side can make all the difference when it comes time to divide your marital assets in a divorce. One of the first questions you might have at the outset of your divorce case is “where will I live when the case is concluded?” Another question might be, “who gets the marital home?” The process for deciding who gets the house and how the equity will be divided is not always easy or simple. The Aurora property division attorneys at Plog & Stein, P.C. have extensive experience dealing with asset and Aurora real estate division. By keeping abreast of property division matters relating to family law in Colorado, we are able to effectively represent our clients when it comes time to divide the marital home, or other real estate, including commercial and vacation property. Let us work with you to make sure you get a fair settlement when dividing your marital real estate.Distribution of the Marital Home and Other Real Estate in Aurora
If you are unable to come to an agreement with the other party in your divorce, the marital property will ultimately be divided however the judge in your case deems to be fair. What this means for you is that the economic circumstances of each party will be evaluated and considered for the purpose of dividing up your home and any other real estate jointly owned by you and your spouse. Real estate acquired during the marriage is generally considered marital property. Additionally, any increase in the equity of a separately owned property during the marriage may also be considered marital in nature.
After determining what property is marital (subject to division during a divorce), the next step in the process is deciding on disposition and allocation of that property. The two possible outcomes in any case are that either the property is sold or one party keeps it. Generally, spouses agree on this issue, which then leads to figuring out both equity division and financing.
Equity: If the home ends up being sold, equity is determined by the market, with the net sales proceeds being divided, generally equally. However, if one party is going to keep the home, or other real estate, equity will generally be determined by an appraiser, or appraisers, hired by the parties. Often, people use one appraiser, though in some cases disagreement with the analysis may lead to the other party seeking a second opinion. Appraising commercial and residential real estate come with vastly different costs and procedures.
Financing: If the marital home is financed in one spouse’s name, he or she may need to refinance to pull equity out to pay the other his or her share. If financed in both spouses’ names, the party receiving the payout also needs to be concerned with making sure he or she is removed from the financing in an appropriate time frame. Oftentimes, the ability to purchase a new home will be impacted if you remain tied into the mortgage on the marital home. Obtaining detailed orders regarding refinancing and protections for both parties can prevent both confusion and problems down the road.
Serving people in Aurora and beyond, our property division attorneys recognize the importance of making sure your rights are protected tied into the marital real estate. We recognize that each family’s financial portfolio is different. We take the time to analyze the complete array of marital assets and are ready to work with our clients towards coming up with an asset distribution plan that makes sense for them as they move on with their lives. We are both advisers and advocates, in and out of the courtroom. We have the tools and skills to work towards your objectives related to your real property and all aspects of your case. This includes decades of litigating divorce cases in Arapahoe and Adams Counties.Knowledgeable Property Division Lawyers Advocating for Aurora Residents
The City of Aurora has over 134,000 dwelling units, 57.3% of which are owner occupied, with a median home value of $245,000. The majority of our Aurora divorce cases involve real estate as one of the contested issues. Protect your assets by contacting a divorce attorney who knows how to handle all aspects of dividing your real estate. Plog & Stein, P.C. understands your local real estate climate and our Aurora property division lawyers are ready to strategically represent you, with the goal of making sure you are treated fairly when it comes time to divide your Aurora property. Call us at 303-781-0322 or contact us online to discuss our services and competitive rates.