Divorcing When You Own Multiple Properties
When discussing divorce, one of the issues that needs to be decided is whether one of the spouses will be retaining property. For instance, one spouse may want to keep the marital home while the other spouse wants to retain a vacation property. But there are also plenty of circumstances in which the delineation is not so simple to determine.
If you and your spouse are separating and own multiple properties in Pennsylvania or elsewhere, talk over your asset division options with a Bucks County family attorney.
Some Couples Own Variety of Properties
Couples who have a lot of resources may choose to accumulate homes and properties over the course of a marriage. Over years or decades, you may find yourself in a position in which you and your spouse own a primary residence and a vacation home. In addition to these properties, there may be rental properties or homes your family uses from time to time and rents out on short-term rental sites when the property is vacant and available for use.
While properties brought into the marriage could be kept separate from the process of asset division, any and all properties purchased during the marriage, for personal enjoyment, professional gain, or a mix of both, are subject to an equitable division process as they are considered marital property.
Equitable Division of Property
There are a few different ways equitable division can happen when it comes to divorce and real estate holdings. You could divide properties equally between yourself and your spouse. Other options include sales, meaning you would sell properties and split the financial proceeds or one spouse would buy the other out.
While the options above are the most common, if you and your spouse are able to craft another solution that works for the two of you it can be part of your agreement. Negotiating can often lead to outcomes that are agreeable for all involved. Of course, if you are in conflict with your spouse on a number of issues, negotiations can be complicated. Thankfully, a seasoned divorce lawyer is familiar with strategies to untangle complex situations.
A compassionate yet aggressive Bucks County family attorney can walk you through your alternatives when you are exiting a marriage and there are multiple properties involved. Asset division can seem daunting at first, but once the process starts, solutions will begin to form, enabling you to move toward your post-divorce future securely.
Do you and your spouse own a primary residence, vacation properties, and collect rental income? If you are confused about how your properties could be divided, share your concerns with the family law attorneys at Kardos, Rickles & Hand. Our attorneys have the skills you need and can answer all of your questions about asset and debt division. If your spouse is claiming they can decide which one of you gets which property, connect with an attorney before agreeing to any terms. We will fight for your best interests each step of the way. To get started, call 215-968-6602.