Protecting Real Estate Through The Divorce Process
If you and your spouse are homeowners or have other real property, you likely are aware that dividing it will be a critical element of the divorce process.
Under Ohio law, both spouses have a claim to all assets, including real property, acquired during the marriage, regardless of whose name is on the title. There are some exceptions, such as inheritances. Real property acquired prior to marriage is considered separate property and may not be subject to property division. However, even this is an oversimplification, as real estate may have increased in value during the marriage or generated income during the marriage, and that increase or generated income may be subject to division.
At Zachary D. Smith, LLC, we represent people in Cincinnati and throughout Ohio and Kentucky who need guidance in dividing real property in a divorce. From the very beginning, the role of our attorney in your case is to understand the outcome you are seeking and use creativity and intelligence to help you reach that outcome.
What Will Happen To My Home In A Divorce?
In a divorce, one of the most emotionally, if not financially, valuable assets is the family home. For many homeowners, it is so much more than a dollar sign. Perhaps it is your dream home, and you searched for years to find it or worked with architects and builders to create it from the ground up and make sure it was just perfect. You may have raised your children there or may have planned to raise your children there.
Regardless, the family home is typically subject to property division during a divorce. We recognize the full value of this important asset and will work with you in pursuit of your preferred outcome, whether you are dedicated to keeping the family home or you are comfortable leaving it behind.
The same is true if you have a second home or vacation home. Have you and your family always owned real estate near Lake Cumberland that you use as a getaway? Have you and your spouse purchased a cabin out of state, perhaps in western or northern Michigan? This real property will likely also have to be divided in your divorce, and we can assist to ensure it is handled with care.
Dividing Income-Generating Real Estate Assets
A real estate portfolio that includes investment real estate and rental real estate can generate substantial income, making it a key element of divorce property division. As a certified family relations law specialist, our lead attorney, Zachary D. Smith is skilled at identifying, characterizing, valuing and dividing a wide range of income-generating real estate assets.
Does your portfolio include one or more residential rental properties? Perhaps you own single-family homes and apartment buildings throughout Ohio or even in other states. Does your portfolio include commercial rental properties like shopping centers in the suburbs or office buildings in downtown Cincinnati? Maybe you own agricultural land that you rent, land with leased mineral rights or something else. Our experience means we can handle even the most complex scenarios.
Overcoming The Complexities
There are any number of issues that can add layers of complexity to the process of dividing real estate in a divorce, including the following:
- Real property in other states or countries
- Inherited real estate
- Real estate owned with investment partners
- A real estate partnership
- Real estate owned with a family member
Every portfolio requires a unique and often creative approach. A real estate portfolio that includes a series of commercial spaces in Ohio and other states simply cannot be handled in the same way as a portfolio that includes several multi-family homes you rent in northern Kentucky. Whatever your case may be, you can be confident that we will protect your interests. We have earned a reputation for helping people with substantial real estate portfolios successfully navigate the divorce process.
Call Today To Discuss Real Property In Divorce
There are many difficult decisions that must be made when real estate is part of a marital estate in a divorce. An experienced lawyer can answer your questions and provide you with the information needed in order to make smart choices. Call our law office at 513-275-5367 to schedule a consultation or fill out our inquiry form.