Real Property
Land and anything permanently attached to it, such as a house, garage, or built-in fixtures.
Understanding Real Property
Real property is one of the most significant assets divided in divorce. It includes the family home, vacation properties, rental properties, and vacant land. Valuation typically requires a professional appraisal. Couples must decide whether to sell the property and split proceeds, have one spouse buy out the other, or continue co-owning it temporarily (common when children are involved).
Real-World Examples
Their real property included a family home valued at $450,000 and a vacation cabin worth $180,000.
Related Terms
A legal document that transfers one person's ownership interest in real estate to another without guaranteeing the title is clear.
TitleLegal ownership of property, as documented on a deed, registration, or other official record.
Property DivisionThe legal process of dividing marital assets and debts between spouses during divorce.
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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.
Always consult a licensed attorney in your area for advice specific to your situation.