How Your Luxury Property Can be Divided in Case of a Divorce

The unfortunate truth is that a large percentage of marriages end in divorce. The other aspect of this that is staggering is the amount of people that have been divorced multiple times. For people that have not been through a divorce, the process can be stressful if you do not have the right attorney to quell your fears. Understanding what happens during each step and what you will have to do create a plan going forward. There is so much uncertainty when it comes to divorce like when it will be finalized and when property will be divided. States have different laws about the division of property with some states promising a part of the income of their former spouse if they make considerably more than them. The following are things that you should know about your luxury properties that can and will be divided.

Owning Something Before Marriage Matters…..In Some States

There are certain states where if you owned a home or other property before marriage then you retain this. This is not the case in all states as equitable distribution is required like that of California. This could be a negotiation to be had as in states like this the assets garnered during the marriage will be divided in half. Offering a property for a specific amount of money can be done or for another asset. For some couples, splitting a property and taking the profits via rental fees can be done. In most cases this is not done due to exes not wanting to deal with each other. The divorce attorneys could write out a plan that includes a property management company so contact will be limited or completely eliminated.

Lawyers Can be Master Negotiators

When you are looking for a New Bern divorce lawyer or other legal professional, you need to trust them. You need to create a list of the properties or luxury cars that you absolutely want. Giving a little can go a long way and the last thing certain people in a divorce want is a closer look at possible infidelity. This can void a prenuptial agreement if the terms were listed. There is a chance that you go to arbitration but it is best if you handle this early so the divorce can finalize so you can move on with your life.

Investments Can be Analyzed as Well

There is going to be thorough research done on all of your financials by both attorneys involved. A property might not be as great of an investment as a stock like Amazon if you purchased it years ago. You need to think about your financial wellbeing after the divorce as many people struggle on a single income. Take the time to meet with a financial advisor about what the best decision would be for you. You might find giving up a beach house in a state with high taxes is far better than digging into your nest egg like a stock portfolio or 401k fund.

Take the time to sit down to see which luxury valuables you want to keep after the divorce. The properties will likely be the largest dispute but there is such a thing as an amicable divorce…..sometimes.

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