Real Estate

Real estate, also known as “real property” is land and buildings and fixtures attached to it. For example, the most common real property divorce deals with is the marital home and the lot on which the house is built. Also included in the real property would be the items attached to the house itself, such as light fixtures and  the furnace.

 

Marital real property also includes barns and well pumps–things attached to the land. A shed or mobile home that has been set down on the land but that is portable would not be considered real property but would be considered personal property because they are movable items and not attached to the land.

 

Real property also includes anything growing on the land (crops, trees).

 

Interests in real property can also be marital assets that need to be addressed and divided in divorce. A lease of real property is an interest in real property that can have value. 

 

You may not own real property itself, but have a right to use a part of it or to pass over it (known as an easement). Even airspace can constitute an interest in real property under certain circumstances.

 

There are other interest in real property that you and/or your spouse may possess, such as a “life estate,” a right to future ownership (remainder), or rights to drill for oil or natural gas or minerals such as coal or metal ore.

 

There are even more potential interests in real property that may arise as issues in your divorce.