The world of real estate can be tough but it becomes even tougher when dividing up property between you and your former spouse. It is not uncommon for couples to purchase income properties with their excess income that they have saved. A divorce often times leads people to sell off these properties in order to cut all ties from their former partner. This is not always the best thing to do as losing quite a bit of money on the investment can happen if the housing market in the area has taken a dive. The following are tips on how to divide the property and whether you should sell it or not.
Try Settling It Amicably
Obviously if there is an amicable way to settle the division of properties then this is the best option. In some divorces however there is no civility due to other factors so this might not be on the table. If the breakup is not contentious then both parties can settle what they are selling or who gets what property in a way where everyone is happy. The investment properties could become the main residence for one person in the divorce.
Split It Up Down The Middle Where Possible
In the cases where there are multiple properties there will be one party that loves one property the most while the other could like a different one. Simply having one party take half of the properties and the other taking the other half is ideal. For those couples making these investments it can be wise to have one person buy a property then the other buy the next property. Then in the case of a split the properties can go directly to the person who took out the loan or put down the money to purchase the property.
Do Not Sell A Property Making Decent Income
Hiring a property management company to manage a property that is owned by a couple can allow the couple to earn income without dealing with each other. The market might be too poor to sell and the rental market could be booming. The management company can send separate checks so both parties are happy and continuing to make money off of the investment. This will help the couple avoid having to deal with renters that pay late or are being destructive.
An Attorney Could Be Necessary
Couples in a divorce are not getting a divorce because they get along and communicate effectively. It is quite the opposite so seeking legal help could be the only means of settling who gets what in terms of the real estate the couple owns. Finding a family law attorney in Whittier California is as simple as doing a search online. Take a look at the firm’s reviews and recommendations by previous clients. You want a fair division of property so make sure your lawyer understand this from the start.
As you can see if you can be civil in dividing property during a divorce things will go much more smoothly. Divorce is tough for everyone, do not try to “win” the divorce as this can breed resentment that can be harmful especially if children are involved.