Over the past years, you and your spouse have successfully intertwined your lives by having children, blending finances and purchasing property. While combining these elements may make for a good marriage, they do not make for a very good divorce. In fact, you may already realize how complicated it can be to divide assets when you and your spouse own so many things jointly.
Just as with other decisions you make during your divorce, the plans for your real estate may be unique because of your circumstances. This is why you may not find advice that meets your specific needs unless you take your questions to a legal professional who is familiar with Nebraska rental property laws and has experience with complex divorce proceedings. Nevertheless, the following offers some options to consider as you move forward.
Finding the best alternative
Of course, one of the most important factors you are considering at this time is the fair division of assets. Many people find themselves in difficult straits following a divorce. Considering that your joint income will be half as much and you may be responsible for child support or maintaining the house, ensuring you receive a fair portion of the marital estate is essential for your security in the months and years to come.
If you were counting on jointly-owned real estate to provide you with that security, you may have to rethink your strategy. This begins with confirming the rightful owner of the properties. For example, if you solely owned the property before you married, the real estate may belong to you, but any increase in its value may be part of the marital estate. Other factors that may affect the division of property include:
- A prenuptial agreement
- The amount of time and money your spouse invested in any of your individually owned properties
- The role the properties play in your retirement planning
- The existence of tenants in the units
- You or your spouse's ability to buy out the other one's share of the investment property
You may find that the simplest way to deal with investment properties during a divorce is to sell the properties and divide the gains. Unfortunately, depending on the market, the condition of your properties and many other factors, this is likely to be a long ordeal, and such real estate transactions typically continue after the divorce is finalized. Because of this, you may have to contend with continued collaboration with your ex-spouse until the settlements are complete.