Is Real Estate Considered Marital Property?
Following a divorce, the distribution and split of real estate can become a complex process. Every property is unique, and valuation can vary from person to person. Properties come with liabilities that need to be shared fairly. Understanding what is at stake with each property is a must, and family law attorneys Miami can help,
The first step in dividing out property is determining if it is marital property or separate property. Even when a spouse’s name is not on a deed or if the property was purchased before the marriage are not indicators that the property is considered separate.
Real estate can be marital property if the spouse used marital assets to buy the property or to pay the mortgage, if income from the property was used to pay joint household expenses or was a source of income for both spouses, the spouse who is the property owner acted as if the property was a joint venture, or if the other spouse contributed in any way to materially increase a property’s value.
When going to court, a judge will not just look at who owns the property, but will evaluate any and all facts surrounding that property that ties to how it was used and where the money went in and out of. Property will not always be split 50/50 either, but will be divided fairly as deemed by a judge. Factors include earning potential, income, length of the marriage, number of minor children living at home, debts and assets, and any other relevant factors that could influence a judge’s decision. A Miami divorce lawyers can help you navigate the uncertainty of property division following your divorce.