Section 7.14 Division of Real Property

• Library: Family Law Deskbook and 2014 Supp

D. (§7.14) Division of Real Property

Division of Real Property [ no real property]

There is no real property for the court to set aside or divide between the parties.

Note: Because of the unique nature of real property, if the parties own none, either as marital or nonmarital property, this fact should be stated.

[ case-specific]

The parties own a home at [address]. The home has an approximate fair market value of [$ ______] and is encumbered by a mortgage in the approximate amount of [$ ______]. The parties have agreed that [_____]. The legal description for the home is [_____] [set forth in the deed, a copy of which is attached to this agreement as Exhibit D].

[ marital home to one party]

The parties own a home at [address]. The home has an approximate fair market value of [$ _____] and is encumbered by a mortgage in the approximate amount of [$ _____]. The parties have agreed that this home shall be the sole and exclusive property of [_____], who shall assume and pay the unpaid mortgage balance of approximately [$ _____], after delivery of the deed, and hold [_____] harmless on this debt. [[_____] will use [his or her] best efforts to remove [_____’s] name from the promissory note, including refinancing the property solely in [_____’s] name and shall be responsible for...