Fairfax Real Estate Division Attorneys

Experienced Divorce Lawyers Handling Real Estate Division in Fairfax, VA

Figuring out what to do with the marital home and other real estate properties in a divorce is not a simple consideration. For most couples, the marital home might be the single most valuable asset tied to the marriage, and negotiations can take considerable time and effort. A Fairfax real estate division divorce lawyer can take your side and advocate for a favorable split of property.

At Taylor Huguley Powers PLLC, we have earned over 100 5-star reviews for our trusted counsel in divorce and family law cases. Whether or not you intend to keep the marital home or other real estate, our firm will work toward an outcome that protects your financial interests. When ownership disputes arise over how to divide real estate, we can represent you in a partition suit.

Reasons for Disputes Over the Marital Home During Divorce

In addition to its high monetary value, the marital home may have sentimental worth to one or both spouses. These factors can be a breeding ground for conflict, even between spouses who agree on everything else.

The sheer amount of money invested into the house can drive conflict. One spouse may have used premarital savings or an inheritance for the down payment and expects credit for that contribution. Mortgage payments made with marital income during the marriage complicate the math, and the two sides rarely agree on how much equity actually exists.

Sometimes, the reasons for a dispute are more practical. Parents want to keep children in the same school district and the same bedrooms. Arguments also arise over who remains in the home while the case is pending, who pays the mortgage and utilities during that period, and whether one spouse should be granted exclusive use of the residence. When neither side will move out, a judge can be asked to decide the question on a temporary basis.

Buying Out Your Spouse's Interest or Selling the Home in a Divorce

A buyout lets one spouse keep the property by paying the other for a share of the equity. The payment can come from cash, from a larger allocation of retirement accounts or investment funds, or from a refinance that pulls equity out of the home.

Refinancing usually serves a second purpose. A deed transfer removes a name from the title, but it does nothing about the loan. Until the mortgage is refinanced into one name alone, both spouses remain liable to the lender, and a missed payment damages the credit of each. Settlement agreements should include a deadline for that refinance and a backup plan if the loan cannot be obtained.

Selling offers a cleaner break. The spouses agree on a listing agent, an asking price, repairs, and how the net proceeds will be divided after the mortgage, commissions, and closing costs are paid. Some couples negotiate a deferred sale that allows children to finish a school year before the property goes on the market. Capital gains treatment deserves a look in either scenario, since the timing of a sale can affect the exclusion available to each spouse.

How Do You Value Real Estate in a Fairfax Divorce?

Equity cannot be split until the parties know what the property is worth. Common valuation tools include:

• Sales comparison approach: The appraiser prices your home against comparable properties that recently sold in the same area
• Cost approach: An estimate of what rebuilding the house would cost today, reduced for wear and added to the land value
• Income approach: A method for rental property that measures worth by the income the building brings in each year

The county tax assessment is easy to find but rarely reflects true market value, so it makes a poor substitute for an appraisal. Timing also affects the result, since a value established early in a case may need to be updated before a final hearing.

Meet With Our Fairfax, VA Real Estate Divorce Lawyers

Valuing and dividing real estate can be a roadblock to completing a divorce. At Taylor Huguley Powers PLLC, we are here to help keep the process moving while acting in your best interests. Call 703-879-6500 or contact our Fairfax, Virginia real estate divorce attorneys to schedule a consultation.