Protecting real estate assets after a divorce

A divorce can be a life-changing event, and many legal obligations go along with the process. Navigating the legal realm of divorce is especially imperative when dealing with shared real estate, the Washington Post reports.

If a married couple owns real estate before a marriage, many times the owner spouse will include a “tenancy by the entirety” provision on the deed, meaning the property now belongs to both spouses jointly. However, if a divorce occurs, that status is automatically nullified.

It is important for couples going through a divorce to find out if any judgments exist against one spouse because those issues can have a profound effect on that spouse’s interest in the home. Divorce lawyers for both sides should look for existing or potential judgments that could affect the property. These facts should then be resolved in the property settlement agreement.

According to the Minnesota Judicial Branch, couples must list all real estate owned by each spouse individually, jointly as a couple, or by one spouse and other people. Typically, the divorce proceedings will give one spouse 100 percent ownership of a property while the other spouse gets a lien, a legal claim on a piece of property.