Divorces are complicated enough when there are very few assets involved. Add real estate to the mix and it’s a whole different ball game. When real estate investors and developers divorce, there are a lot of complexities involved. And in the last few years, the real estate market has exploded. Prices are skyrocketing. A person who owns a couple of hot properties may be sitting on millions of dollars in cash.
Your spouse may try to take this property away from you in a divorce. Therefore, as an investor, you need to know how to walk away with as much property as you can. An Ohio real estate investor divorce lawyer can help.
What Ohio Law Says
Like most states, Ohio is an equitable distribution state. Under Section 3105.171 of the Ohio Revised Code, the court will not divide marital property equally. Instead, the court shall divide it between the spouses in an equitable manner. When dividing property, the court shall consider all relevant factors, such as:
- The assets and liabilities of each spouse
- How long the marriage lasted
- Who wants the marital home
- The tax consequences of property division
- The liquidity of the property
- The retirement benefits of the spouses
Therefore, the first step is determining whether or not the real estate in question is in fact marital property. If you acquired the property before marriage, then it belongs to you alone. If it was acquired after the marriage, however, then it is considered marital property and is therefore subject to equitable distribution. Properties can accrue equity during a marriage, though, complicating things even further. Contact a lawyer to understand your legal rights and options.
Appraising the Real Estate
Before splitting the property, though, the value needs to be determined. This is done through the appraisal process. The appraisal process determines the value of the real estate up until the date that the couple separates. The spouse with primary control of the real estate would own their interest, while the other spouse would be entitled to the value of the real estate at the time of separation.
What ends up getting appraised is considered equity, so the equity is the marital property. To handle this property in a divorce, one spouse can buy out the other. The spouse could also forfeit that property entirely and consider other property in a divorce.
Contact Lawrence Law Today
There are many issues that will arise during a divorce case, and property division is one of them. If you are a real estate investor, you likely have a lot of property at stake.
At Lawrence Law Office, our Ohio real estate investor divorce lawyers can provide you with the sound legal advice you need. This can be a very complex situation, so make sure you get the right legal help from our team. Call us today at 614-228-3664 or fill out our online form to schedule a consultation.