Staten Island Property Division Lawyers
Buying Property as A Family
There are a lot of people today who are interested in investing in real estate. With the market booming in many areas, a lot of investors want to take advantage of the growth in real estate prices across the country.
The real estate market is especially hot in the state of New York. This is one of the hottest markets in the country because inventory is lacking for starter homes. Many people today want to buy a home. However, this is only getting more difficult with each passing month.
Dividing Property in A Divorce
There are times when people decide to get a divorce and must divide up the property that they own. With all of the changes that are going on in the industry today, now is a more important time than ever before to have a plan in this area. There are many people who are in this situation and need a legal team with experience performing a divorce that is complicated. Here are a couple of things to keep in mind about real estate investing and divorce. Divorce proceedings are never easy. This is especially true if you have a lot of investments.
Even Distribution
When someone gets a divorce, they often want to divide up the assets equally. This becomes difficult when a person is investing with their spouse and has a great deal of property. This is one of the biggest reasons why working with an experienced legal team is essential to having a good experience during this time.
In many cases, to divide up real property, a person will have to buy the other person out of the property. The formula for this is complicated, but it is a combination of the current and future expected value of the property. The person who has the most cash on hand to pay for the property at one time. If you are facing a situation where you are going to get a divorce, you should start looking at your financial plans.
A divorce is expensive in terms of both time and money. A lot of people underestimate the amount of time it takes to go through the process. The more assets a marriage has within it, the longer it takes to dissolve in a divorce.
Property Division Overview
All the decisions that you need to make when doing a property division needs to be based on all the information. Depending on what information you have (or lack), you mgiht end up either giving up too much or not getting all of what you are entitled to in the property division. Guesswork is not acceptable. Appraisals are essential. They can sometimes be costly, but appraisals are a worthwhile investment. In some cases, forensic accountants may need to be called upon. Your Staten Island property division lawyer should be able to refer you to this and other key professionals that can collectively give you the upper hand in this process.
Their job will be to examine every piece of property accumulated during the marriage. Your attorney and his or her team of professionals will take care of the finer details and then distill all the data they collect into a well compiled presentation. In the event that the other side accepts this proposal, then the work in the division of property is done and the parties can move forward with the divorce. If, on the other hand, disputes arise, you should be able to rely on your attorney to aggressively assert your rights and protect what rightfully belongs to you.
Some Examples of Property Division Scenarios
Business Ownership
If one spouse was the proprietor of a business prior to the marriage, and then the value of the business increased during the course of marriage, is a portion of the business considered marital property?
The Marital Home
If the spouses purchased their home together, and selling it to split up the proceeds between them is an impractical solution, then which spouse gets to remain in residence in the home? Also, will that spouse be obligated to buy out the other spouse’s share?
Retirement Funds
If one spouse amassed substantial retirement savings during the course of the marriage, is the other spouse entitled to a share of those savings? If they are, how would those funds be divided?
You need a law firm who has experience dealing with these and a host of other scenarios that may arise in the property division part of your divorce.
Real Estate Investing
Real estate investing is a great way to build wealth over time. There are many people who have been able to transform their financial life by investing in real estate. With all of the different options in the market today, a lot of investors are having trouble choosing a strategy to follow.
When investing in real estate, you can either invest for cash flow or for equity appreciation. The people who want to make a quick profit are usually those who buy and flip homes quickly. Real estate investors generally rent out a property over time and make money off of the equity gains as the overall housing market improves.
These are all things to consider as you are going through the divorce process. With all of the financial variables involved in this process, it can be difficult to make the right decision for you. This is another reason why working with a legal team who has experience in the real estate field is so important.
Our Team and Services
Our team members have many years of experience in the legal field. Not only that, but they also have experience with real estate investing and transactions. With all of the changes going on in the market today, they are a great resource to use if you are facing a divorce.
There are many people who do not want to have a complicated divorce. If you have several real estate investment properties, the divorce is going to be complicated financially. However, we will do our best to make the experience as smooth as we can. We want you to get all of the financial proceeds that you need in order to have financial success in the future.
Final Thoughts
Overall, divorce is a terrible thing to go through for a lot of people. There are few people who have experience with divorce and real estate investments. This is a messy situation that usually takes many months to get through. If you have a lot of assets and are facing a divorce, you must start preparing now.
The more time you wait, the lower your chance of success in this area. Now is the time to develop a financial plan to protect yourself in the future.
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