One way that people in Colorado earn an income is by owning properties. Some of these property owners will find themselves going through the divorce process. If you need help protecting your properties, try one of the strategies below.
Buy out your ex-spouse
One of the easiest ways to handle a complex property division is to buy out your soon-to-be ex-spouse. This process begins by receiving an accurate estimate of your real estate portfolio’s worth. After this happens, you would pay your spouse a lump sum to buy out their share of these properties. While it might be expensive, it guarantees you don’t lose any of your real estate assets.
Set up a trust
Another way to protect your real estate assets is by establishing a trust. To be more specific, opening a domestic asset trust removes your name from being the owner of these properties. Instead, this trust would own the properties, and you would be its beneficiary.
Work with your spouse
Sometimes, people have little choice but to work with their former spouses during a divorce. This process is otherwise known as a collaborative. As difficult as it might seem, compromising with your spouse might mean losing a few properties. However, this could be a small price to pay to avoid giving away half of your real estate assets.
Establish a limited liability company
If you want something easier than setting up a trust, you can also set up an LLC and transfer your properties to this company. The catch with this method is you need to be the LLC’s sole manager.
As you can see, people utilize one of several strategies to protect their properties while getting divorced. By utilizing one of these strategies, you can obtain some peace of mind during this difficult time.