Real estate, in the form of the family home, a second home or an income-producing property, often represents the largest class of assets that a couple owns. It is very important that the marital component of these assets is accurately characterized, fairly valued and divided on an equitable basis.
At the law firm of Lake Toback, we provide results-oriented representation for clients in all aspects of property division during divorce. Our attorneys understand the many legal, financial and personal considerations that arise during divorce. We will work diligently to protect your interests and obtain the best possible overall divorce settlement for you.
At Lake Toback, we advise our clients so they can make advantageous decisions regarding the dispositions of their homes. We can review your situation and recommend the solution that is best for you.
Real Estate Issues In Divorce
Some of the many challenging real estate issues that must be investigated and analyzed during the divorce process include the following:
The value of a property — Usually, an appraiser estimates the fair market value of a property based on recent sales of similar properties. But what if the property is one-of-a-kind or has unique features? If the respective appraisers for the parties disagree on a property's value, the judge may require a third valuation by a neutral appraiser.
How the property was originally paid for — Was the home purchased with individual assets, marital assets or some combination of individual and marital assets?
The prior value of the property — Let's say you moved into a home that was owned by your spouse at the time you were married. Since then, its value has increased considerably. It may be necessary to get a historical or retrospective appraisal to determine the value of the marital component of the home. Determining how the home is titled is also an important determinative factor.
The marital component of an improved property — Other problems occur when home improvements were paid for with individual assets, marital assets or some combination of these.
Can you afford to keep your home after divorce? — At Lake Toback, we strive to give you the necessary information so you can determine whether keeping or selling your home is the best choice for you. Certainly we seek to achieve what is necessary so this choice will be financially advantageous to you.
The lawyers at Lake Toback are committed to protecting the rights and interests of our clients during the property division process. They will apply their investigative resources, legal knowledge and advocacy skills in your case, working tenaciously to obtain results for you.
Contact Our Firm
The offices of Lake Toback are located in Chicago's Loop. Contact our firm to schedule a consultation about a divorce or property division matter.