Call For A Free Consultation
(509) 327-0777
Real estate complications during a Bellevue high-asset divorce require you to understand your rights to property bought or maintained during the marriage. This can be difficult without the help and support of an experienced high-asset divorce attorney.
At Twyford Law Office, we have more than 40 years of experience in family law and provide a holistic approach to the real estate concerns in our clients’ divorce cases. We understand our clients’ goals and develop case strategies that align with their post-divorce objectives.
Since Washington is a community property state, each spouse has a right to an equal share of the marital assets. As a result, any property purchased, received, or maintained throughout the marriage, including real estate, could be community property. In comparison, a spouse’s separate property is usually not subject to equitable division in a divorce. These are assets that a spouse acquired before the marriage and are kept separate from other community property.
During a high-asset divorce, determining the community property status of real estate in Bellevue could be complicated, especially when a spouse either purchased the real estate before the marriage or purchased it using clearly identified separate property. However, real estate could transition from separate to community property during a marriage. A spouse’s contributions to the real estate could change its status and enable them to claim it as community property. Examples of the contributions that could change the real estate’s status into community property include the following:
At Twyford Law Office, we work with experienced accountants and financial professionals to help our clients identify their claims to real estate and pursue an equitable division.
Aside from determining the community property status of real estate, additional issues can further complicate its division during a Bellevue high-asset divorce. A challenge clients may face is equally dividing an illiquid property, since it is not possible to split a house in half. This means divorcing spouses could sell the real estate and divide the proceeds, or one spouse can take the real estate in lieu of their share of other community property.
Further complications may arise where ex-spouses disagree over who should receive the real estate or over its fair value because of the impact it could have on dividing other assets. The fair value of income-producing real estate can be particularly difficult to evaluate and may require the input of expert appraisers. Examples of income-producing real estate include rental property, real estate tied to a spouse’s business, or property with additional value because of water or mineral rights.
Additional circumstances can further complicate the options for dividing real estate, and it is important to carefully consider the logistics of life after the divorce when deciding whether to keep or sell real estate. A primary concern is a spouse’s ability to pay for the continued maintenance of the property because of costly debt obligations, property taxes, and other expenses. Another factor is the desire to keep real estate because it is the family home and will limit the disruption to children who will continue to live there after the divorce.
Ex-spouses could face real estate complications during a Bellevue high-asset divorce. If your divorce involves multiple properties with complex histories, the counsel of our experienced family law attorneys could be of help. Schedule a free consultation with our team at Twyford Law Office today.
Twyford Law Office
N/a
