During divorce, many New Yorkers worry about how they will protect their real estate investments. Fortunately, there are some things that they can do in order to ensure that all of their assets are dealt with in a fair manner. Here are some ways that individuals can protect their real estate investments during a divorce.
Buy out the other party
Many individuals want to keep their real estate investments during a divorce so that they can utilize them in the future. One way to do this is by buying out the other party. This is a great option for those who have enough money to pay their spouse half of the current value of their real estate properties and settle their divorce as quickly as possible. If protecting assets is a big concern, buying out the other party may be the best choice.
Form an LLC
Some individuals may be able to keep their real estate investments during a divorce if they have an established LLC. It is best if the LLC was formed before the individual got married and if they kept personal and business real estate investments separated. In some instances, a court will allow an individual to keep their real estate investments even if the LLC was formed during the time that both parties were married.
If an individual isn’t ready to sell their real estate assets or give them solely to the other party, they do have options. For example, a person may try offering their share of another valuable asset in exchange for the real estate. A divorcing individual may want to consider consulting an attorney to help them determine how they should proceed.