A previous post on this blog talked about how, in reality, it was a rather amazing thing that the divorce of two well-known real estate moguls ended with an out-of-court settlement. The reason this was remarkable is that investment real estate, especially when the property is used for commerce, is difficult to put a precise value on. Beyond just the possible sale price, one has to also consider whether and to what extent the property can bring in rental income.
Getting an estimate on the value of investment property often takes the help of a qualified expert who may have to testify in court. Moreover, because the stakes are high, one side may find fault with the other side’s estimate of a property’s value and may offer his or her own estimate.The complexity of this type of property division is only compounded when a couple has more than one property, and it is even more difficult if, for example, one of the parties own some of the real estate prior to the marriage.
Our law office can help clients in the Peoria area navigate through the complicate process of dividing up their investment real estate, real estate which could include business property, rentals or even a vacation home like a lake college.
Whether our clients choose to negotiate or head to court, we know how to come up with reliable estimates for the value of each property and document those with reliable evidence and expert testimony.
On a more practical level, we also can make sure that our clients only accept ownership of real estate that will actually serve their interests. Not all pieces of property are necessarily good investments long term, and the buying and selling of real estate post-divorce also may have tax consequences.