During your divorce, one of your top priorities may be retaining one of your homes, whether it be your family home or your vacation home. When a couple owns multiple properties, it can become complicated as they begin the asset division process. Our Warren asset division attorneys at DeTommaso Law Group, LLC share how couples with multiple homes can approach the asset division process.
Owning Multiple Homes
Over the course of a marriage, a high asset couple may accumulate property and purchase multiple homes. This may include a family home or primary residence and vacation homes or properties. The couple may also own homes to rent to tenants or place for rent on websites such as Airbnb or VRBO as a rental property for supplemental income.
If these homes were purchased during the marriage or for a shared business, they can be considered marital property and eligible for the equitable division of property process.
Options for Real Estate Division
When equitably dividing their assets, divorcing couples often take one of three approaches with their properties:
- Divide the homes equitably between the couple,
- Sell one or both homes and split the proceeds, or
- One party buys out the other party’s shares in either home to retain both.
These three approaches are not all-encompassing — you and your spouse may create a solution that works best for both parties not listed above in negotiations or a mediation session. If you own more than two homes, it can become even more difficult as you navigate what to do with each home, and you may use a combination of the methods above to reach your desired situation. Our high asset divorce attorneys understand that not every divorce is the same and that your family makes decisions best for them when dividing property.
Warren High Asset Divorce Attorneys
The asset division process can be difficult when a couple owns more than one home. Our aggressive team of attorneys is prepared to advocate for your desires in the division of property process and help you exit your divorce with the solution of your choice.
Are you undergoing a divorce with multiple homes or real estate properties? Schedule a consultation with our experienced team of high asset divorce attorneys to learn more about how we can guide you through the asset division process. Get started today by calling (908) 274-3028 or filling out our online contact form.