Getting Divorced? Here are 3 Estate Issues You Should Consider

Divorce can trigger negative emotions, grief and other feelings that are difficult to manage. Add in the stress of deciding who gets what, how and when they can gain access to it, and you could have a potential disaster on your hands. There are many steps to take – in addition to getting a good divorce attorney – and several issues to consider before being able to agree. As to the house and everything in it, here are some issues to consider and how using a multi-solution resource can help you.

Division of personal property

Personal property is anything other than real property, and in a divorce situation, you have the additional category of marital property.  Divorcing couples must decide who will take ownership of what items in equal and fair distribution. It’s important for both parties to be amicable so that a solution can be found for proper and timely distribution of such property.  Accurate evaluation and appraisal are often a helpful first step in determining how property should be divided. Additionally, if there is property that neither party wants to retain, then sending items to auction is an option. Any proceeds of the auction would be divided between both parties.

Distribution of personal property

When it comes to distribution of property it can be difficult in the case of divorce. Sometimes in a divorce situation, one party may be moving to another state, or perhaps they don’t know where they will settle just yet. Take into consideration how designated items will get to where they ultimately need to be, whether it goes to a new home, to family members of the divorcing couple, or even a temporary storage unit. Beyond that consider what will be done with items that are unwanted but not saleable – some can go to donation centers, and others must be disposed of, but someone must coordinate pickups and deliveries.

Selling real property

If neither spouse wants to stay in the marital home, or one cannot afford to buy the other out, the property gets put up for sale. Selling real estate in the throes of a divorce can be quite a challenge, especially if both parties are unable to agree on the terms. Having a realtor with more than one solution working on your side is a blessing, as several options can ensure a timely sale and net the highest proceeds to be divided after the sale. It’s good to select a resource who can offer all of the options, such as competitive bidding through a live auction, or sealed bid submission, both situations in which the buyer – not the seller – pays all of the closing costs and typically must settle within 30 days (with no contingencies).

Once the separation agreement is drawn up and everyone agrees on the terms, it is time to get into the details of the tasks at hand. If a divorce is not amicable, it can be devastating and disastrous for both parties to attempt working together.

Don’t add more stress to an already stressful situation by adding to your list of things to do. Using a full-service company with a comprehensive plan, like Trusted Estate Partners, is wise and economical. Let them handle the move, the shipping, the auction, and the sale. Now is the time to allow yourself to begin the healing process and deal with the emotions of the situation at hand.

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