Cook County Divorce Lawyer for Dividing Real Estate Holdings

Chicago Lawyer Helping Manage Your Marital Home and Investment Properties

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. Such feelings are especially common among couples with significant wealth and many valuable assets. In such situations, real estate holdings, including the marital home, vacation homes, and investment properties, must be taken into account during the divorce process.

The good news is that the team at The Law Offices of Curtis Bennett Ross, LLC is here to help. At our firm, we understand the importance of protecting your real estate interests as you proceed with your divorce. We also realize evaluating and dividing such assets can be extremely challenging, but we are equipped to help you do so. Attorney Curtis Bennett Ross is both an accomplished divorce lawyer and a Certified Public Accountant with more than 40 years of experience as a CPA. His combined legal and accounting background affords him unique insight into the financial side of the divorce process. Mr. Ross and his team are ready to provide the skilled guidance you need in managing your real estate holdings during your divorce.

Oak Brook Counsel for Marital and Vacation Homes

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. Whether you own just one home or you own several homes that you use regularly, and you are facing a divorce determining what to do with such property can be challenging. Under Illinois law, each home will usually be handled separately, depending on when and how it was purchased.

Assuming the house was acquired during the marriage, a martial or 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. Mr. Ross and his team will help you analyze your situation and assist you in making the best possible decision regarding your marital and vacation homes.

Rental and Investment Properties in Illinois

At The Law Offices of Curtis Bennett Ross, LLC, 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 bit of all three. Therefore, a simple real estate appraisal is often not sufficient to determine the property's true value. Mr. Ross has a full understanding of how to establish a reasonable value, as well as an accurate assessment of the financial and tax implications related to the property. From there, he and his team 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 312-984-1514 for Your Free Limited Consultation

If residential or investment properties are concerns in your divorce, contact our office. Call us at 312-984-1514 to schedule a no-cost limited introductory consultation with Mr. Ross today. We serve clients at the Daley Center Courthouse and throughout Cook County, including in Oak Park, Gold Coast, Greektown, Lincoln Park, Andersonville, DePaul Area, River North, Wrightwood, Old Town, and downtown Chicago.