Going through a divorce is complicated, confusing, messy, and often costly, especially if you have plenty of assets and properties to divide and/or share. If you are a resident of Texas and you are dealing with a complex divorce that involves a real estate portfolio, retaining the right legal assistance and understanding the process of property division is a must for the best outcome possible.
Buying property from your spouse
When dealing with a complex property division case, buying a property directly from your current spouse is one way to resolve matters with less hassle. If your divorce is amicable and you are on civil terms with your spouse, consider this option to avoid messier options that involve lengthy litigation.
Domestic asset trusts
Setting up a domestic asset trust is another way to protect your real estate portfolio and investments during a divorce with a complex property division issue. Using this method is ideal if you want to remove your name from the ownership of the properties themselves. You can use a domestic asset trust to name yourself as the beneficiary of the property investments you have, which still provide you with power and control over them.
Creating an LLC
Prior to entering your marriage, it is advisable to form an LLC to help protect your real estate and any properties you purchase or invest in. However, it is also imperative to brush up on community property laws in any location you are married in or purchase property in.
Whenever you are dealing with a complicated divorce or a complex property and asset division issue, obtaining legal counsel may be a good idea. The right legal firm could help guide you on the right path to optimizing the process of getting a divorce while simultaneously maximizing the measurements taken to protect your real estate portfolio and investments.