Articles

Property Settlement in Divorce Proceedings

by Kristen White Blogger
The division of assets is one of the most challenging aspects of divorce proceedings. Arizona has specific laws that govern this process, especially as it pertains to the handling and settlement of a joint property.

A shared home is the most common type of joint property involved in a divorce, but it isn’t the only piece of property that can be included. If the couple owns a business, land, or other structures, then these will be included as part of the division of assets and would fall under the same governance as a primary home. If a couple can agree on how to split these assets, then no intervention is needed from a third party. However, if there are disagreements, a court will appoint an individual to oversee the process.

A real estate special master or commissioner is an objective individual appointed by the court to assist the couple in determining how best to split the property. In addition, this role is responsible for overseeing and maintaining the property to ensure that it does not decrease in value. Individuals can request the appointment of a commissioner but if they can’t agree on the same agency, then the court will appoint one for them.

The property may be given to one party, depending on circumstances, or may be sold. The law on partition of property states that if the parties cannot agree on a solution for the property, then it will be sold and the monetary amount will be split accordingly. The special master oversees the sale. From making the home “show ready” to finalizing the sale price, the special master is responsible for managing the whole process. At the end of the sale, the special master ensures both sides receive their designated amounts.

Since neither side can be 100% impartial, the appointed real estate commissioner brings fairness and equity to the process. This does not always mean an equal split, but the court will examine the facts surrounding the divorce and make a decision on how to divide the assets. This same process can occur during probate when property is in dispute and the parties cannot agree on how to handle the property. A commissioner is assigned and then the monetary amount from the sale is brought to the judge to make a ruling. Remember that this individual is not on anyone’s side and should be objectively reviewing the property and how best to resolve the situation for everyone.

When two people own the same building or land and then decide to go their separate ways, it is important to know what the ramifications of dividing the property equitably. Many times, the spouse that retains primary custody of the children will be awarded the home, but this is not always the case. It’s important to prepare with a lawyer for any outcome. Ensuring the property is maintained and then sold at fair market value is a huge responsibility and a credible real estate commissioner is key.

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About Kristen White Committed   Blogger

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Joined APSense since, August 19th, 2016, From Chicago, United States.

Created on Aug 5th 2019 04:19. Viewed 369 times.

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