Countless issues could complicate a divorce, and determining what happens to the real estate a couple owns is often at the top of the list. This is especially true when spouses have significant holdings that are difficult to liquidate on short notice, such as real estate properties. A diligent high-asset divorce lawyer from The Riley Divorce & Family Law Firm could help you understand your options when you encounter real estate complications during a Kawartha Lakes high-asset divorce.
Let our team help you strategize a plan on how to keep your best interests in mind. We understand that any issue involving marital homes, or similar investments could be problematic, but high-dollar transactions only increase the odds of various challenges.
Dividing marital property is one of the most important aspects in a divorce, and handling real estate complications could be especially challenging. Any time the court is tasked with dividing shared assets at the end of a marriage, they are required to adhere to the goal of splitting all properties evenly. While each spouse is entitled to half of the belongings they share, they are generally allowed to keep the possessions they owned individually prior to the marriage.
The matrimonial home is an exception to that rule. Even if one spouse owned the house before the couple married, it is not automatically treated as individual property. In fact, these assets are generally considered to belong to the couple for the purposes of equalization payments. A Kawartha Lakes lawyer from The Riley Divorce & Family Law Firm is familiar with the circumstances surrounding real estate complications and could help guide a person through this process during a high-asset divorce so they understand their available options.
The courts will look at home equity to determine whether equalization is necessary. They will not only look at the total value of the home but will also pay attention to the equity both spouses hold in it. For example, if the property was owned outright, each spouse would be entitled to $100,000 of value for a $200,000 property. However, that number would be reduced to $20,000 each if $160,000 remained on the mortgage.
For many people, the only real estate they may own is the home they share with their spouse. However, it is not always the case for families with substantial resources as they might own a wide portfolio of real estate assets to diversify their investment holdings.
It is crucial to note that real estate properties could take different forms, such as commercial rental real estate, vacation homes, and family rental units, like apartments or condos. If a single spouse owned the property before the union, the rules surrounding these purchases are different, and an experienced lawyer could help a person through this process. These assets could be difficult to account for in a divorce as they are not sold frequently, and the pool of available buyers is small.
Additionally, it could be difficult to understand the true value of these properties as well as liquidate the particular property when needed. These factors matter in divorce cases. When you cannot accurately determine what real estate is worth or find an interested buyer at the right price, it could result in financial strain. It is crucial to find a lawyer trained in handling real estate complications in high-asset cases to make sure distribution is fair in Kawartha Lakes.
It is not always easy to predict how the courts will deal with real estate complications during a Kawartha Lakes high-asset divorce. In some situations, it may be necessary to liquidate the property to ensure each side is fairly compensated.
A dedicated lawyer from The Riley Divorce & Family Law Firm could provide you with clear guidance on how to address these complex issues. Contact our firm any time to set up an initial consultation. Our lawyers are available around the clock to help you with your needs.
The Riley Divorce & Family Law Firm
