It recently became public that the 12-year marriage between two people who are giants in the commercial real estate market in another state legally ended.
Both of the parties are well-connected to the world of big real estate deals, and they both have accomplished a lot in their own right. Each of them is likely worth tens of millions of dollars, as both have interests in sought-after commercial real estate in busy urban markets.
The divorce between the two ended on a quiet note, with the couple requesting what in their state is called an uncontested proceeding. This means that the couple has negotiated between themselves, possibly with the help of a mediator, how they will divide their property. In other words, the public won’t hear many of the details of their wealth and their business dealings. Presumably, the couple also worked out any issues involving child custody, parenting time and spousal and child support.
Just because the proceeding ended quietly for the couple does not mean the process was easy or simple. Indeed, trying put the correct value on commercial real estate, even in a market like Peoria, can be quite difficult and subject to a lot of contention. This is because many commercial properties are relatively unique and hard to compare.
Moreover, the real test of the value of a commercial property is how much rental income it can bring in as opposed to how much it would sell for on an open market. Predicting future income is a difficult task that often requires the help of an appraiser or other expert in commercial property.
Finally, the fact the couple was high-profile, at least in the world of real estate, likely only complicated negotiations between them further.
Particularly if they are well-known in the community, real estate investors and others with a lot of property interests are likely going to want the experience and knowledge of a dedicated family law attorney should they be faced with divorce or separation.