Division Of Real Estate Portfolios & Trusts
Divorce And Real Estate Portfolios
Division of real estate portfolios and trusts can be complex. At Jolein A. Harro, P.C., with locations in Littleton and Steamboat Springs, Colorado, we handle these complex matters using years of experience and in-depth knowledge of the law, as well as by working with valuation experts and CPAs.
We represent people who possess many different types of real estate, including the ones listed below:
- Family homes
- Vacation homes
- Rental properties
- Commercial properties
- Vacant lots for development
Real estate matters are rarely as straightforward as they may seem. For example, many newlywed couples decide to buy a house together. They sell the house or condo that they owned while they were single and use the proceeds to buy a larger family home together. Their decision impacts the way a court may divide their assets in a divorce.
In Colorado divorces, there are two types of property: marital and separate. Marital property is divided equitably between the parties while separate property is kept by the individual.
Real estate that was owned prior to the marriage is considered to be separate property, but the increase in value is considered to be marital. A home that was bought during the marriage is marital property, but using money from the sale of separate real estate to buy a home during your marriage complicates things. It is possible for property to have a marital and a separate component. Very frequently, divorcing couples spend a great deal of time, energy and resources agonizing over these matters.
Divorce And Trusts
With increasing frequency in Colorado today, trusts are included in the pool of marital assets to be divided during a divorce. Colorado divides marital assets equitably, and the increase in value of a trust during the marriage is often considered to be marital property subject to division.
Division of trusts is complex, often because there are other parties – such as family members of a spouse – involved. Furthermore, there are many times when one spouse is unaware of the exact nature, location, or value of trust assets. In these instances, we have accountants and forensic experts available who can locate assets, even those that may be in accounts outside the country.
You should not rely on your spouse to simply tell you the value of a trust. When divorcing, all property needs to be carefully assessed in order to ensure that you receive your fair and equitable share.