Owning Multiple Homes When A Marriage Ends
It is common for people to want to retain their marital home when navigating a divorce, but there are also situations in which a couple owns multiple properties and there are disputes over each one. This is true if the properties are for personal use, such as a primary residence and vacation homes, or the properties are rented out for income. In some cases, it is a blend of the two scenarios, such as a vacation property that is on a platform like VRBO or Airbnb when not used by the owners themselves.
There are Bucks County family attorneys who are knowledgeable in asset division, including property division, within divorce agreements. Meeting with a lawyer means a legal professional will share how to approach asset division when multiple properties are owned.
High Asset Divorces and Multiple Properties
In high asset divorce situations, the issue of multiple properties could be one of the areas where it is difficult to find a compromise. Typically, high asset divorces are when a couple has accumulated a large amount of assets over the course of their marriage. Most of these couples own their primary home outright along with luxury automobiles. Additionally, there could be high value investment accounts and properties beyond the primary home.
While it is true that an individual could have owned properties prior to the union and there may be an agreement in place allowing that person to retain those properties in the event of a divorce, often the properties were purchased after the marriage. Properties purchased during the course of a marriage for shared business purposes or personal use are marital property. Because of this, these properties are eligible for an equitable asset division process.
Determining How You Want Assets Divided
Divorcing couples do have options when it comes to property asset division. You and your spouse could decide to divide the properties equitably or sell properties and divide the proceeds. In other situations, one party prefers to buy the other party out.
If you and your spouse are open to negotiation, there may be a solution that is ideal for the two of you that does not strictly follow one strategy or another. For instance, maybe you are willing to compensate your soon-to-be-ex spouse for their share of a primary residence but want one of two vacation homes to go to each of you.
Talk to a Bucks County family attorney about your high asset divorce concerns, including how properties will be divided. With an aggressive and compassionate attorney on your side, the solution of your choosing may be in reach.
Are you planning to divorce and you and your spouse own multiple properties? Whether your properties are multiple homes for your own use or are real estate holdings that produce income, you need to talk to the family law attorneys at Kardos, Rickles & Hand about the asset division process. Our attorneys have handled many divorces involving multiple properties, we can advise you on possible resolutions for your unique situation. Call 215-968-6602 to get started.