At some point during a divorce, questions arise regarding separation of joint assets, like a house or other real estate. Fortunately, there are workable solutions with a little cooperation from each spouse.
Property classification may seem confusing, but in legal terms, all property is classified as either real property or personal property. Because each is treated differently under state and federal law, it is important to know the type(s) of property you are dealing with when drafting a contract or determining property rights, so that you can seek optimum legal protection.
When buying a home or a piece of property, most people do not expect the big stack of documents delivered to them at closing. These documents often include the Homeowners’ Association documents, plats or maps, and a large document entitled the “Declaration of Covenants, Conditions, and Reservations” (“CCRs”).