The process of dealing with real estate during a divorce can be complex and varies depending on the state or country's laws. Here's a general overview:

1. Identifying Marital vs. Separate Property

• Marital Property: Typically includes any property acquired during the marriage, regardless of whose name is on the title.
• Separate Property: Includes property owned by one spouse before marriage, or acquired by gift or inheritance during the marriage.

2. Property Valuation

• An appraisal or real estate agent's market analysis is typically used to determine the current market value of the property.

3. Deciding What to Do with the Property

There are usually three main options:

• Sell the Property: Proceeds are split according to the divorce agreement or court order.
• Buy Out the Other Spouse: One spouse keeps the property by buying out the other's share.
• Co-Ownership: In rare cases, ex-spouses may continue to co-own the property, often until a specific event (e.g., children finishing school).

4. Refinancing and Mortgage Considerations

• If one spouse keeps the property, they often need to refinance the mortgage solely in their name. This ensures the other spouse is no longer financially tied to the property.

5. Division of Equity

• Equity is calculated as the market value minus any outstanding mortgage. The equity is then divided according to the divorce settlement.

6. Legal Documentation and Transfer of Ownership

• If one spouse retains the property, a quitclaim deed is typically used to transfer ownership.
• If the property is sold, both spouses must sign the necessary paperwork.

7. Tax Implications

• Selling a property can have capital gains tax implications, but there are often exemptions for primary residences.
• It's advisable to consult a tax advisor to understand the financial impact.

8. Court Approval and Finalization

• The division of property is typically outlined in the divorce decree and must be approved by the court.

Would you like more detailed information on any step or assistance with calculating equity or refinancing options?