Divorce can seem like a dark and turbulent time when your investments are at risk. Real estate investors in New Jersey need not lose a portfolio they have developed because of divorce. Understanding your rights will help you to retain your real estate holdings after your divorce.
Get a valuation
Whether you own multiple properties or the home you live in, a real estate valuation is your first step. Before you arrive in court, you need to have a complete understanding of the value of your real estate portfolio. Getting a real-world value of your real estate portfolio from a property expert will help proceedings run smoothly.
The division of property
You will have to complete a financial statement containing the contents of your property portfolio. Even if your marital home is included in your portfolio, you will have to work with your estranged spouse and the court to determine ownership. During a high-asset divorce, you will be given opportunities to prove the ownership of individual properties.
Marital and non-marital equity
High-asset divorce proceedings are complex, with a real estate portfolio subject to careful consideration. If a property was purchased completely before your marriage began, you may be able to claim it as separate property. Properties purchased during your marriage are subject to claims from your spouse.
The marital home should be considered
Your marital home is subject to decisions by the divorce court. Courts often create an order requiring the sale of your marital home and a division of the profits.
Getting a valuation and ownership details for your real estate portfolio in a high-asset divorce will help you to understand process.
