Can Legal Documents Impact Your Home Building Projects? Understanding Separation Agreements

There are a number of details that work together to help the home building process proceed smoothly, and naturally, every aspect has its stresses. It’s helpful to take a moment here and there to see what other contributing factors may be at work as you are planning your home so that you can make the best decisions possible for you and your family. One thing that can indirectly impact your planning and decision making process is whether or not you are going through a legal separation or divorce, and if so, exactly how that process is going.

For example, when it comes to talking about law and the home building process, LTHOME has chosen to sponsor an article on the law website chalkieandthechippy.com that provides insight which could affect your home buying and building decisions if you are in the middle of a legal separation or divorce.

Here are ten points to consider:

  • A Separation Agreement is a Legal Document That Can Affect Your Property Division While much is often made by media about the house sell and division of assets at the time of separation and divorce, it’s what happens in-between the initial separation and the finalization of all the legal speakers that makes the biggest difference to your home planning process. If you are fortunate you will be able to come to agreements with your ex that avoid costly court proceedings, however if you are not as fortunate than your Separation Agreement will end up defining your opportunities for years to come.
  • That Agreement Could Define What Happens to Your Assets if You Have Jointly Owned Property For example, if you both owned the home that you lived in, who gets to keep the house could become a real legal standoff. The Separation Agreement can specify that the home will be sold, or transferred, or retained (with all the work that implies.) Who gets the car? The kids? Since many people don’t have assets that they can easily separate out for sale/trade/divesting it can quickly lead to emotional battle fronts.
  • The Court Can Also Step In When You Have Jointly Owned Property Especially when it comes to the disposition of the home, if you have children under the age of 18 and it is not deemed safe for them to stay in that home, the Courts can order it to be sold and the profits to be shared. Obviously, this is not an ideal situation for finding a new home for the children, and is the sort of thing that no one wants to have happen. However, legal negotiations do sometimes break down.
  • Common Law Property Division is a Source of Confusion When it Comes to the Legal Process If you enter a new relationship and never formalize any kind of common law documentation, you may be surprised to find out that property can be divided at or not at the whim of the state courts. For example, if everything is in your spouse’s name, that spouse could take all of the property from the relationship and walk out without your consent and with the full blessing of the state. Finding out afterward is awkward and more than a little challenging, and this is one of the things that spins out of control during a separation or divorce: the need to find accommodation for the next step in the relationship building.
  • It Is Essential to Have Solid Legal Arbor to Keep Your Home Safe The idea of systematic separation tends to be messy, and there is always a question of where are the children in terms of the transition in the relationship. Solid, hands down legal advice to help guide decisions is essential before real estate or major asset decisions are made. It’s easy enough when you are married with no kids and both parties agree. When that second baby shows up, things get trickier!
  • Design Decisions Can Change at a Moment’s Notice An example of this would be a home addition that the couple was planning to complete to give a better space for the child or children, however the living arrangements have changed and so adaptation and changes may become necessary to the action plan. Design Can also become a point of battle, especially as it applies to whether or not a spouse will be intimately involved with the process.
  • The Final Settlement Could Result in Changes to Your Home Décor Plans If you have family support, this might not be a big deal. However, if your budget is premised on two incomes, and now you are finding yourself alone, it could mean downsizing or other adaptations that become necessary.
  • Legal Understanding Is Essential for Reliable Renovation Work Renovations have a nasty habit of causing stress in relationships. Pair it up with the pressures of legal understanding and many families end up in bankruptcy.
  • Even Wires for Electrical Work Can Cause Issues A recent case saw a bankruptcy case where a woman was ordered to have all exterior electrical outlets changed to RCM-3 standards before a new occupant can be permitted to move in. This is definitely something a couple could have worked out had both been present for the decisions.
  • The Hard Results of Going into Business Together Are Bad for the Home While going into business together is an exciting adventure, the reality is that businesses can fail at unexpected times – and this means that the house also suffers the consequences. From the design phase to the small things like drawers and shelving, it’s important to talk about how to work together and how to separate financial needs when it comes to those conversations.
  • It’s Worth Investing in Professional Expertise These are ten factors that show why it’s important to bring in other professionals to help you build your home, and specifically why working with experts like LTHOME are vital to your long term comfort and growth.

While it does take time to go through the process of divorce or separation it is important to get clarification on where things will finally land so that you can plan for the future with confidence.

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