Getting a divorce and dividing real estate as part of the property division process can be complex, especially if you own multiple real estate properties. All of your real estate will be part of your divorce if it qualifies as community property.
- Marital home
- Second home
- Vacation home
- Investment property
Thus, establishing what is and what is not community property is an important part of the asset division process of your divorce. Usually, all community property must be divided equitably among spouses, but all separate property remains with the person to whom it belongs. In some cases, a judge may determine that dividing separate property as well as community property during a divorce is just and equitable. This is why it’s so important to review all of your assets with your attorney, whether you acquired the real estate before or after your marriage.
Valuation of Real Estate Properties
Once you establish that the real estate is community or separate property, you need to go through the valuation process. This essentially means determining the property of the real estate; that information will be important when you you’re your ex-spouse – or a judge – begins to divide all of your community property.
Usually, an expert's appraisal is the quickest and most effective way to get the property’s value. Property valuation may consider the location of the property, the condition of the property, improvements you made to it, and many other factors.The Role of an Attorney When Dividing Real Estate During Divorce
Divorce cases involving multiple real estate properties are complex. While most couples only must figure out who gets the marital home when they get divorced – or decide to sell it and divide the profits – if you have a second home or vacation home, you’ll have to include that as part of your assets too. Aside from the financial value of the properties, some properties may hold emotional value for one or both spouses, further complicating things.
Talk to your attorney about establishing real estate as community or separate property and assigning each property a value. The Law Offices of Molly B. Kenny can represent you as you divide assets with your ex or present your case in court. Our team is ready to meet with you – call us now at 425-460-0550 to get started.