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There are many ways in which people can accumulate wealth, and over time one of the most popular and successful has been the purchasing and compiling of different types of real estate holdings. Land has been a positive investment in the big picture despite the ups and downs of the real estate market, but dividing these assets can be complicated if a married couple holds them and decides to pursue a California divorce. If this situation sounds familiar, you need to seek the help of experienced high asset divorce lawyers as soon as possible. Below is a brief overview of this issue.
Clearly, when people think of real estate holdings that relate to divorce, they generally envision the home in which the spouses lived together. However, many people of a high net worth own property that’s developed and undeveloped in different locations all over the United States. Therefore, these holdings can be of different value, zoned differently, be income-generating properties or simply long-term investments based on their projected appreciation.
As a result of the nearly limitless types of real estate holdings and the reasons for owning them, every California high asset divorce case must involve an intricate and detailed analysis of those holdings so that the decisions regarding whether or not to sell them or to transfer them can be made for each tract of land that’s owned.
Generally, the first step that’s taken when it comes time to work towards a fair split of the real estate holdings in the marital estate is to obtain appraisals for each piece of property. This will allow the parties to place a value on each tract of land minus any loans that may be outstanding on each. This will provide a starting point for the division.
From that point, the parties must decide whether or not to sell the property or to retain these tracts of land, and some solutions involve selling some and retaining other properties. The bottom line is that the ultimate split between the parties must be as equal as possible. If that equal distribution cannot be accomplished, then other components of the marital estate will usually be assigned such that the final distribution is fair under California’s community property laws.
If you own real estate and you’re looking at the possibility of ending your marriage, you need to act quickly to make sure that your legal rights are protected. You should start by seeking the help of experienced San Diego divorce lawyers who have helped many people move through this difficult process. Contact a divorce attorney in San Diego today for a free consultation at (858) 974-4900.