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Are you divorcing? Answer these real estate questions

When it comes to divorce and real estate, there are sure to be a variety of questions on your mind. If you neglect to answer these, you may look back on the process and wonder what went wrong.

Here are several real estate-related questions that you must answer in a timely manner:

  • Does it make sense for one person to keep the family home? The answer is not always what you see on the surface, so you need to consider all options before proceeding.
  • Are you so attached to your home that you're making poor decisions? No one wants to leave their family home, but don't let your emotional attachment cloud your good judgment.
  • What's the best way to proceed with a sale? If you decide to sell the home, you need to understand the options for doing so and other challenges it can bring to your divorce. For example, if you owe more money than your home is worth, you may want to consider a short sale. This will impact both individuals.
  • How will you divide proceeds from the sale of the home? It's your hope that selling your family home results in some profit. If it does, you must have an idea of how to split the proceeds.

If you're ready to divorce or already going through the process, turn your attention to any real estate you own together. This typically includes the family home, but could also entail rental property and undeveloped land among other types.

Once you have an idea of how to proceed, you can do so with the idea of protecting your legal rights and getting the property you're entitled to.

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