When deciding to divorce, most people are looking to start over, start fresh, and move on quickly. Few people’s first thoughts during divorce proceedings are of property division, especially when they are investment properties. However, for divorcing couples in Massachusetts, or anywhere, really, it’s important to take these factors into consideration early on so that the most desirable outcome can be achieved.
One of the first issues to consider is who legally has rights to the property. Even if the property was purchased before the marriage and belongs solely to one party, it still may be advisable to have legal documents drawn up stating this fact. This may help avoid conflict further along in the divorce proceedings.
Parties will also need to look at how the properties are currently being used. If they’re being leased out to tenants and bringing in a profit, for example, proceedings may vary from what would be involved if the properties were acquired as retirement investments. Even if the final decision mandates that the use of these properties changes from that for which they were originally intended, it may be helpful to outline everything up front.
Ultimately, divorcing couples with any Massachusetts property to divide will most likely benefit from the services of an experienced attorney. Whether they are considering or already going through a divorce, the earlier they seek legal advice, the more likely it is that a desirable financial outcome will be achieved when dealing with property division. Divorce can be an emotionally overwhelming time, and property division can be a confusing and overwhelming concept that may affect the parties involved well into the future. It’s generally best for all parties involved to acquire the aid of someone with legal experience in these matters.
Source: nuwireinvestor.com, “A Property Conundrum: How To Split Up Real Estate In Divorce“, October 26, 2016