Property division and real estate

Posted by Lauren S. CohenJun 09, 20140 Comments

It appears that real estate could be a major issue in a celebrity divorce case that is soon heading to court. The divorce the case regards is the divorce of director Michael Moore and his wife. The divorce is expected to go to court in Michigan sometime next month. It is thought that the divorce has the potential to be a contentious one.

One issue that it seems likely will be a big part of this divorce is property division, given the large amount of assets the former couple has. It is thought that the total combined worth of the former couple's assets could be in the tens of millions of dollars range.

Among the former couple's assets are nine pieces of real estate. The properties are located in Michigan and here in New York. One of the properties is a lakefront mansion in Michigan which at one point was estimated to be worth around $2 million. One wonders how these real estate holdings will ultimately be divided in the divorce.

It can be difficult to figure out what to do with real estate in a divorce-related property division, particularly in today's world in which real estate can still be rather difficult to sell. On one hand, real estate can be a very valuable asset. On the other hand, it can be a fairly illiquid one, meaning it can be difficult to sell at value in the event that a person needs money quickly. Also, in some circumstances, a piece of real estate may still have a rather high mortgage payment obligation attached to it.

Thus, a New Yorker going into a divorce may be puzzled as to what sort of stance they should be taking in negotiations and proceedings regarding what will happen with real estate they and their soon-to-be ex-spouse own. This is one of the situations in which experienced divorce attorneys can be of help. Such attorneys can look into the details of the real estate holdings of a martial estate and the specific circumstances of a divorcing individual and help the divorcing individual figure out what sort of stance it would be best for them to take when it comes to real estate in the divorce.

Source: Detroit Free Press, “Michael Moore's Michigan mansion at stake in divorce case,” Trey Barrineau, June 5, 2014