Building a small empire of rental properties, vacation homes, and other real estate investments is the dream of many couples. For those that have achieved this, it doesn’t mean that you are immune to relationship problems. Divorce is extremely common for all walks of life and over a few decades, some couples seem to drift apart. Figuring out what to do about the properties that are been purchased over the years will add a bit of complexity to the divorce. Amicable divorces that occur when people have grown apart instead f due to infidelity that has finally come to light have more leeway with what can be done. The following are options for properties when going through a divorce.
Allow Property Management Companies to Handle Them Splitting the Profits
Keeping the properties with split ownership and hiring property management companies is an option. Collecting a check monthly will not mean that you have to be in contact with your ex. One party can always buy the other out of their portion of the shared properties if one party wants to sell. Look at all options before selling a property below the market price that generates healthy income due to the stress of the divorce.
Allocate Months/Periods for Separate Use
A family vacation home might be something that nobody in the family wants to sell. Splitting these properties during certain months of the year can easily be done in a divorce agreement. Separate use is far easier achieved than many would think as schedules never seem to align for busy exes. A family vacation home that is passed down for generations can build memories that last a lifetime.
Sell Off Certain Properties
There could be an agreement that a certain property simply is not worth keeping. Selling this property then splitting the proceeds is a common solution although there could be a dispute where one party wants to keep the property. This usually can be worked out by a quality divorce lawyer in the form of other pieces of property or cash considerations. Finding the right Greenville, NC divorce lawyer or one in your local area needs to be done carefully. Look into the fee structure of the lawyer and their overall experience levels handling divorce cases similar to yours.
Split the Properties Evenly in Terms of Value
There is a chance that you have a certain number of properties that can be divided equally based on value. Splitting the properties will still allow for monthly income while severing ties with an ex. Not all cases work out perfectly like this unless multiple units in the same condo complex have been purchased.
Move Ownership of a Certain Property to a Family Member/Adult Child
Plenty of people that amass a real estate portfolio have specific intentions for what they want to do with a property. Giving a condo or property to a grownup adult child can take this property out of the divorce and eliminate it as a point of contention. The most amicable thing that can be done is to communicate certain aspects of this through your legal team.
Divorces come in all shapes and sizes with some being far less contentious than others. Being able to continue to profit off of the investment properties is ideal if you can stand doing so with an ex-spouse. A property management company can eliminate all contact unless certain repairs come up. All circumstances are unique so pick out a customized plan for the properties you worked too hard to purchase.
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