Divorce is a complicated process, and it becomes even more complex when there’s real estate involved. In Belgium, there are several options available for couples who are going through a divorce and own property together. Here’s a comprehensive guide to help you understand your choices.
Joint ownership
Joint ownership, or "propriété en indivision," means that the property remains a shared asset between both spouses. This is often the case when one party wishes to continue living in the home but cannot afford to buy out the other’s share. Generally, this arrangement is only possible for 5+5 years, although exceptions can be made under specific circumstances.
Key Points:
– Ensure that all administrative aspects and agreements are well-documented to avoid potential issues.
– Consult a real estate agent or notary to guide you through this process.
Buying out the other party
Valuation
To buy out your spouse’s share, you must first agree on the property’s value. This can be a contentious issue, and it’s advisable to consult an expert to determine an objective value. The notary will then record this value and each party’s share in the sale.
Costs involved
Remember, the person acquiring the property must not only pay the other party’s share but also bear the full cost of repaying any outstanding mortgage. Additional fees, such as notary fees, will also be the responsibility of the acquiring party.
Selling the property
The property can be put up for sale by one or both parties. After the sale is finalized, the proceeds will be divided according to each party’s share in the property. Any associated costs, such as real estate agent fees, will be deducted from the sale price.
Consult a notary
In all cases, it’s highly recommended for divorcing couples to consult a notary. A notary can help find a consensus between both parties and ensure that all legal requirements are met. For unmarried partners, private arrangements can also be made.
Additional considerations
Children and custody
If children are involved, their well-being and living arrangements should be considered when deciding what to do with the property. The court may also have a say in this matter.
Financial stability
Before making any decisions, assess your financial stability. Whether you’re buying out your spouse or selling the property, make sure you can afford the associated costs.
Legal advice
Legal advice is crucial in navigating the complexities of property division during a divorce. Lawyers specializing in family law can provide valuable insights and help protect your interests.
Conclusion
Divorce is never easy, and the division of property can add another layer of complexity to an already challenging situation. Whether you opt for joint ownership, buying out your spouse, or selling the property, it’s crucial to consult professionals like notaries and legal advisors. They can guide you through the legal maze and help you make informed decisions that are in your best interest.
Final Thoughts: Property division during a divorce is a complex process that requires careful planning and consultation with experts. Make sure to weigh all your options and consult professionals to navigate this challenging time successfully.
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