When you and your spouse divorce, there are many things that must be taken into consideration. Not only will you have to determine a child custody arrangement if you and your partner have children, but you will also need to deal with the property distribution that accompanies divorces. While some assets are easy to divide, others, like rental properties, can be more complex. If you and your spouse own rental properties, read on to learn about how they are generally handled during divorce and how Lawrence Law can assist you through the process.
If you and your spouse want to avoid the courts, you may come to an agreement on how to divide your rental properties.
One option you may consider is retaining the rental properties and continuing to operate them together while splitting the profits. While this may work for some, it may not be the best situation for all couples, especially if there is tension between the parties.
Another option you can consider is one spouse buying out the other or relinquishing an asset of equal value to your spouse. For example, one spouse may wish to retain the property, so they can give their spouse another rental property or simply pay them half of the value of the real estate.
Finally, some spouses may decide to sell the property and split the profits from the sale between themselves.
However, if you and your spouse cannot come to an agreement on how to handle your rental property, it will be up to the court’s discretion to divide the asset under the equitable distribution statute.
This is but one example of how assets can be distributed when you divorce, and, as you can see, the division or distribution of assets can involve many considerations and choices. The experienced attorneys at Lawrence Law can guide you to determine your options and understand what is in your best interests. Contact our firm today to learn how we can help you during your divorce process.