Real estate is among the types of property that many couples have going into a divorce. One of the most common sorts of real estate divorcing couples have is a marital home. However, the real estate portfolios of some divorcing couples go far beyond just a home. Some examples of other types of real estate couples sometimes hold are: commercial property, investment property, farmland, cabins and vacation homes.
Whether a divorcing couple has just one real estate property or multiple, real estate can be a rather challenging matter when it comes to property division. There are multiple reasons for this.
One is that real estate property division matters can have stakes that are remarkably high, given that real estate can have a very high monetary value attached to it.
Another reason is that what a given real estate holding’s value is isn’t always the most-straightforward thing. The fluctuating nature of real estate markets and other economic factors can sometimes make pinning down a property’s value difficult.
Another reason is that many different things can be important factors to consider when reaching decisions on what should ultimately be done with a real estate property in a divorce (such as whether it should be sold off or kept by one of the parties). Such things can include: the type of property, what the property is being used for, where the property is located, real estate market conditions and how much debt is attached to the property.
Our firm understands the property division challenges real estate can pose and we can help divorcing individuals try to reach real estate property division resolutions that will help with their overall goals in their divorce.