4 Reasons to Consult With a Lawyer Regarding a Vacation Home
Dividing up financial assets can often be one of the messiest aspects of a divorce. While a time share, summer home or vacation property may not be as pressing a concern as a primary residence, speaking with a qualified divorce lawyer regarding a second property is always a smart move. Even a modest property can be a sizeable financial asset, one that could become a point of contention during a divorce.
1. Custody and Living Arrangements
The number of properties available, their location and even the amenities they have to offer can all become important points for negotiating a child custody agreement. A vacation home or investment property can also help to ensure that lodging is available both during and after the proceedings. Speaking with a divorce attorney regarding such options can allow clients to base their decisions on more accurate information. There are plenty of resources available at the Matrimonial Home website for more information.
2. Financial Settlements
The dollar value of a major shared asset, like a second property, can often be substantial. Having to give up a summer home or even liquidate a second property as part of a financial settlement can be a major issue. The right divorce lawyer can help to ensure that their clients are able to obtain a more favorable ruling, settlement or an agreement that better protects their interests and finances.
3. Deciding to Keep or Sell a Property
In the world of real estate, timing is everything. Deciding to sell in the wrong market can result in a substantial loss. The current market, future forecasts and even the current state of the property should all be taken into account before deciding to keep or sell a real estate asset. The right firm or attorney can help to ensure that ownership of a vacation home is more likely to be retained until the time is right to list the property for sale.
4. Determining Shared Assets
Continuing to share a vacation property following a divorce is another option that may need to be considered. Time share, scheduling and other details may all need to be discussed prior to creation of a bounding legal agreement. Working without the assistance of a seasoned divorce lawyer could make such efforts far more difficult.
Selecting the Right Firm
Finding the right lawyer can often be the single most important concern for ensuring that divorce proceedings are able to be managed as effectively as possible. Property owners who lack formal representation and those that elect to make use of a second-rate attorney or a firm that may not be up to the challenge could be putting themselves at a major disadvantage. Working alongside the right divorce lawyer helps to ensure that the right decisions are made regarding what to do with a vacation home or an investment property.