Focused Family Law Advocacy In Tuscaloosa And Surrounding Counties

Addressing rental properties when dissolving a marriage

On Behalf of | Sep 5, 2022 | Divorce |

Identifying and valuing marital assets can be one of the most complex aspects of preparing to dissolve a marriage, especially when there is considerable wealth involved. Individuals in Alabama who maintain complex asset portfolios may face a multitude of difficult choices while preparing a strategy that best aligns with their wishes and needs. Rental properties are a common example of a complex asset that may play a significant role in a divorce and knowing the topics to address regarding such assets could prove imperative. 

Factors to consider 

Those who are preparing to undergo a similar change in life circumstances may find it helpful to cover various factors about rental properties. One of the first topics to address may pertain to whether such assets are marital or separate property, as this could have a significant impact on one’s options. It may also be helpful to address whether ownership of rental properties is listed under a business entity, as this may also help such assets retain their separate identities under certain scenarios. 

In some cases, one might obtain ownership of rental properties via inheritance and if such assets are not mingled with marital wealth, they might not be subject to the process of property division. If a portion of rental assets is deemed marital property, there may still be certain options to consider when seeking to obtain sole ownership of similar assets. For instance, a person might have the option of giving up ownership of other marital possessions in exchange during negotiations. 

The best path 

Individuals in Alabama who own numerous rental properties may have questions about their options and how best to prepare to protect their interests during a divorce. With so much at stake, a person could benefit from consulting with a family law attorney early on for guidance in addressing every essential aspect of dissolving a marriage. In doing so, a person could obtain much-needed advice in evaluating the situation and developing a strategy with which to safeguard his or her wishes and interests during subsequent legal proceedings.