The divorce process can significantly impact residential real estate. Typically, a couple's shared home is their most valuable asset. The division of this asset can be complex, depending on whether one party wishes to retain the property or it is to be sold. If one party keeps the home, they may need to buy out the other's equity. Alternatively, the home can be sold and profits divided. It's crucial to get a fair market value assessment. Legal and financial advice is essential to navigate potential tax implications, and refinancing issues, and to ensure an equitable distribution of the property asset.
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