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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

Elmhurst | 630-528-0734

Mokena | 815-458-5660   Oak Park | 708-480-9651

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DuPage County Divorce Lawyers for Dividing Real Estate Investments

Addison Real Estate Division Attorneys

Equitably Dividing Vacation Homes and Investment Properties in Divorce

When you are facing a divorce, you and your spouse will need to address a wide variety of issues and concerns. With so many things to worry about, it is understandable that you might be feeling stressed out, confused, and completely overwhelmed.

At Wakenight & Associates, P.C., we know that this is often the case for couples with significant wealth and many valuable assets. In such situations, real estate holdings, including vacation homes and investment properties, must be taken into account during the divorce process. Our team is equipped to help you manage the logistical, financial, emotional, practical, and legal factors associated with dividing marital property during a divorce.

Oak Brook Counsel for Vacation Homes Division

It is not uncommon for a high net-worth couple to own a vacation home in addition to their marital residence. In fact, some couples maintain more than one home as an alternative to getting divorced, as a vacation home may allow each spouse to have a measure of space and independence. If you own a second or third home, either domestically or internationally, and are facing a divorce, it can be challenging to determine what to do with the property.

Assuming the home was acquired during the marriage, a vacation home is likely to be considered marital property and subject to division in the divorce. Before it can be considered for division, however, the home should be appraised. It is often a good idea for each spouse to have a separate appraisal done, even in amicable situations, so that an accepted value for the home can be established.

Once the value has been determined, most couples have several options. With the marital home, divorcing spouses and the courts are more likely to develop creative arrangements that help provide stability for the couple's children. Such concerns are not usually relevant when the property is a vacation home. Therefore, the couple could sell the home and split the proceeds, or one spouse could keep the vacation home while the other receives a proportionately larger share of the marital estate. Keeping the home typically requires the property to be refinanced in the name of the spouse assuming responsibility. The attorneys at Wakenight & Associates, P.C. will help you analyze your situation and assist you in making the best possible decision regarding your vacation home and real estate investments.

Rental and Investment Properties

Our lawyers have more than 95 years of combined family experience, which means that we understand the importance of handling investment properties properly during a divorce. An investment property will have value as a piece of real estate, but it may also be treated as a business or source of income.

Depending on the circumstances, a rental property can be considered an asset, a liability, a revenue source, or a little of all three. Therefore, a simple real estate appraisal is often not sufficient to determine the property's true value. Our attorneys will work you in finding a financial professional who can establish a reasonable value, as well as an accurate assessment of the financial and tax implications related to the property. From there, we will help you account for the property in your divorce while ensuring that your rights and best interests are fully protected every step of the way.

Call 630-528-0734 for a Free Consultation

If vacation homes or investment properties are concerns in your divorce, contact our office. Call 630-528-0734 to schedule a free, no-obligation consultation at any of our three convenient locations. Wakenight & Associates, P.C. serves clients in Elmhurst, Oak Brook, Villa Park, Lombard, La Grange, Western Springs, Hinsdale, Burr Ridge, Wood Dale, Rolling Meadows, Kane County, and DuPage County.

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