What is the most valuable asset you hold jointly with your spouse? If you are like most people in Indiana, the answer to this question is simple: your marital home. Homes are often a good way to build equity and allow you useful asset both financially and practically. However, real estate law and family law intersect in complex ways.
At Katzman & Katzman, P.C., we pride ourselves on communicating these complicated issues clearly and effectively, so you have the power to make the best decisions for your family’s future. Real estate assets could be a challenge to divide during your divorce. If you have children in your marriage, dividing your home may be even more complicated. Please find a discussion of a few options that could help simplify your situation.
One of the first things you may want to do is bring in people who understand the various aspects of the topic. In terms of real estate, this means that you would probably want to get advice on property law and family law. For example, even reading the IRS tax publications may leave you questioning whether you have to pay capital gains on divorce home sales in Indiana. These are the types of answers that your team would probably provide to help inform your decisions.
Your next step might be to have a data-based discussion with your spouse. To do this, you would probably need a recent valuation of your home along with any other quantifiable points you could collect. During this discussion, you would want to focus on the financial side of the discussion rather than viewing the home sentimentally. While this would not always be possible, any efforts you make toward focusing on the numbers would probably pay off with a better solution for everybody involved.
Regardless of the details of your case, it is probably best that you receive an individual appraisal that takes into account your financial and legal situations. Please do not view this has legal advice. It is only background for the discussion.