If you know your divorce is inevitable, you are probably already feeling unpleasant. Along with all the emotional difficulties come financial pains. Marital separation can have a huge impact on your real estate assets. If you are worrying about how your divorce will affect your home or other property, you should learn some ways to mitigate the damage.
There are certain steps you can take to keep your real estate relatively intact. Read below to learn how you can protect your assets.
1. Find out the value
In your divorce, the first thing you need to do is to determine how much your property is worth. You may want to get a realtor or other appraisal expert to conduct a valuation of your real estate. The goal is to find out the true value of your property, which is equity.
2. Determine what equity is marital and nonmarital
There may be certain portions of equity that are nonmarital. Florida state law does not require you to divide nonmarital property. Your real estate may fall under the nonmarital category if you acquired it before marriage, excluded it in a prenuptial agreement or received it as an inheritance. Real estate assets are often initially considered as marital property unless you are able to prove otherwise.
3. Think twice about fighting for real estate
Sometimes it is not worth it to give up everything for a piece of property. You may overvalue your assets and have an unrealistic idea of how much it is worth. According to CNBC, you should avoid getting sentimental about your assets during your divorce. If you overvalue an asset, your settlement may be uneven. This is why the first step is so important. Think about the fair market value of your property instead of your emotional attachment.
Protecting yourself and your property during divorce may be challenging, but following these three steps can make it easier.