Divorce Dex.com: Estate

Definition Estate - a right or interest in property.

Application in Divorce The term estate is used in a variety of way in law, including the property of a deceased person and the assets or property interests owned by that party.

As it applies to divorce, the term usually means the marital estate, the assets and liabilities subject to distribution during a divorce.

In divorce actions, an estate may exclude assets covered by a prenuptial agreement, gifts or inheritances.

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The following questions should be addressed when selling marital property.
When? Asking Price? Sale price (minimum acceptable)? What if the property does not sell? How to resolve disagreement on selling price? How to handle the sale (broker selection, fix-up costs)? Living arrangements until the sale? How will the sale proceeds be divided? Use of moneys for payment of future obligations(e.g. taxes, children’s education). Use of proceeds for debt paydown?

Contributed on 11/13/2007 by: Centre for Mediation & Dispute ResoWellesley HIlls, MA[Total Submissions: 11]
Category: Property Division (Applicable in All States)

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#813: If you and your spouse decide to use mediation, once reaching an agreement, it is best to each have his or her own lawyer review the agreement in draft form before signing. This way any financial and legal repercussions of an agreement may be discovered that would have otherwise been missed.

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