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Knowing the options regarding rental properties in divorce

On Behalf of | May 3, 2022 | divorce

When facing the end of a marriage, you may encounter numerous essential topics to address while preparing a strategy to safeguard your future. The process of property division alone may leave you facing a variety of difficult decisions while taking steps to identify and value all your marital assets.

If a portion of your marital wealth consists of various rental properties across California, you may have concerns about how best to handle such assets. Understanding all your options and some vital topics to consider could play a vital role in helping place you in a better position to make informed choices about your future.

Topics to address

During a similar change in life circumstances, there may be several integral topics to address regarding assets such as rental properties, some of which might include:

  • Type of property: One of the first steps to take could involve determining whether your rental properties fall under marital or separate property, as this could have a significant influence on your decisions.
  • Tax concerns: It may also be helpful to address any potential tax concerns that may stem from the transfer of ownership or sale of rental properties.
  • Working together: While it might not be possible in every scenario, if you and your spouse can cooperate and communicate effectively, continuing to manage the properties together may also be an option.
  • Sole ownership: If you wish to seek sole ownership of rental properties, you might consider buying out the other party’s interests or relinquishing possession of other assets in exchange for ownership.
  • Selling properties: In some cases, the most favorable path might involve selling such assets and splitting the proceeds.

While knowing your options may be vital to protecting your future during the end of a marriage, the process of making decisions that best align with your needs and interests could seem intimidating.

Looking to your future

With so much at stake, finding ways to move past current feelings and concerns and make choices based on what is best for your future may be intimidating, but it could also prove imperative. Since this can be somewhat complex, it could be in your best interests to seek guidance in covering all your options and in covering every vital aspect of dissolving a marriage. Such advice may help place you in a better position in which to protect your future and approach the next chapter in life with serenity.