Real Estate

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Real Estate Property Division Attorney

Lawyer for Dividing the Home and Other Properties

When a married couple decides to get divorced, their real estate properties are often among their most valuable assets, and this can make them some of the most difficult to divide. For many couples, the marital home is the primary real estate property they will need to be concerned with, but there may be several other real estate properties in play. As you and your spouse decide how your real estate assets should be divided, an experienced attorney can help you protect your interests.

At Reifman Law Offices, we understand that your home and other real estate properties often have sentimental as well as financial value. We will approach your case with compassion and understanding, as well as a strong legal acumen honed through nearly 20 years of experience. We can help you protect your most important properties and pursue a property division resolution that leaves you in a good place financially after the divorce.

What Kinds of Real Estate Properties Are Divided in a Divorce?

During the time that a couple is married, they may accumulate a variety of real estate properties together. Some of the most common properties that are divided in a divorce include:

  • The marital home– A married couple’s primary residence often takes center stage in the division of marital property because of its financial value, associated debts and expenses, and implications for the living arrangements of the spouses and their children.
  • Vacation properties– A couple may have a second home or other properties that they use for weekend getaways or longer family trips.
    Rental properties – Some couples use real estate property to operate a business, including as landlords for long-term tenants or managers of a short-term rental property like an Airbnb.
  • Undeveloped land– Land purchased as an investment or in anticipation of building a home may also be subject to division in a divorce.

It is important to note that most real estate property of any kind is subject to division in a divorce if it was acquired during the marriage, whether one or both spouses’ names are on the title. On the other hand, real estate property owned by a spouse before the marriage is likely protected from division. The same is true for real estate that was inherited during the marriage and real estate that is protected by a prenuptial or postnuptial agreement.

Considerations When Dividing Real Estate Property

Whenever marital real estate property must be divided in a divorce, it is important to obtain an accurate valuation of the property before deciding how to divide it. We can help you work with a realtor or financial professional to obtain a market or appraisal value based on a comparison to similar properties in the area.

The results of the valuation can help you decide how best to approach your real estate assets in the division of property. In some cases, it may be best to sell a property and divide the proceeds. In others, it may be important for you to keep certain properties, like the home you live in, especially if you are still raising your children there. Before you decide to try to keep a property, you should be sure that you are comfortable with taking over the mortgage and upkeep expenses on your own, as well as giving up other marital assets to compensate your spouse.

Contact a Palatine Real Estate Asset Division Lawyer

As you prepare for divorce, we can help you develop a plan for your real estate assets and represent you throughout the divorce process to help you achieve your goals. Contact us today at 847-229-8433 to schedule a free consultation. We serve clients in Palatine, Rolling Meadows, Schaumburg, Streamwood, Barrington, Hoffman Estates, West Dundee, Arlington Heights, Elk Grove Village, and the surrounding areas.

At Reifman Law Offices,

we will take the weight of dealing with family legal issues off of your shoulders.
Call Us 847-229-8433

Meet theAttorney

Arkady Reifman

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