3 Tips for Protecting Your Miami Real Estate Assets During A Divorce Property Sale

Divorce is something no one plans for, and it’s rarely an easy or pleasant process. But it does happen, and when it comes to dividing real estate assets in Miami, things can get complicated fast. While you should always hope for the best outcome, it’s important to prepare for the worst if you want to protect your assets. Here are three important tips for protecting your real estate assets in Miami during a divorce. This is especially important when the situation involves a divorce property sale.

1. Take the Necessary First Steps

Divorce can stir up strong emotions. It’s important to stay clear-headed. Take the right steps to think logically and rationally. Here, then, are some preparatory steps you should take early on to protect your Miami real estate assets in a divorce. 

Prepare Before Filing

Before you even file for divorce, remember that all assets are up for division, including real estate. It’s important to take action ahead of time by gathering important documents and preparing your case. This will make things easier when it comes time to defend your position in court.

Inventory Non-Marital Assets

Take the time to compile a thorough list of all property you acquired before the marriage and gather all the supporting evidence and documentation. “This means collecting your real estate records before your spouse hands you the divorce. In Miami, Florida you want to file a simplified divorce with no assets, visit the Miami-Dade Clerk site to file a petition.

Get an Accurate Valuation of Your Real Estate Assets

When you’re considering how to protect real estate assets during a divorce property sale in Miami, an accurate private appraisal is key. Appraisals cost $300-$600 depending on the size and property structure. Also, consider all factors, like deferred taxes and investment gains, that can affect your property’s value.

Choose Battles Wisely

Divorce can be expensive, and not everything is worth fighting for. When it comes to Miami divorce property division, think about the value of the asset against the cost of legal fees. Weighing the potential benefits of a fight can help you avoid spending more than necessary. Usually we the spouses can’t communicate it means the lawyers will be making some good money that you will have to pay for.

Consider Getting a Mediator

Divorce can be expensive, and not everything is worth fighting for. When it comes to Miami divorce property division, consider the value of the asset against the cost of legal fees. Weighing the potential benefits of a fight can help you avoid spending more than necessary.

2. Implement These Tactics  

There are three major things you can do to protect your real estate assets when going through a divorce. They are . . . 

Use Equity to Your Advantage

One way to protect your Miami real estate is by using equity strategically. By keeping negative equity, you maintain control over the property’s value. This strategy helps ensure you get a fair share during the Miami divorce property division

Prove Assets Are Premarital

If you owned the property before the marriage, you need to prove that it’s a non-marital asset. Provide evidence that the home was paid for before your marriage and that any loans were cleared before you tied the knot. Without this proof, the court might rule that the property is partially marital, complicating the process

Consider Setting up a Land Trust

One way to protect real estate assets during a divorce in Florida is to put the property into a land trust.

Here’s how it works . . . 

“A land trust offers protection by maintaining your privacy with regards to ownership of real estate. The land trust will own the estate legally. Your name won’t show up in any public records for property ownership. Only the trust name will exist.”

3. How To Sell Real Estate In A Divorce

In many cases, divorcing couples agree to sell the property and split the proceeds. If you’re facing a divorce property sale in Miami, here’s what you need to know:

Set an Asking Price

We already discussed the appraisal during a divorce. Another way to agree on the right price for a property sale after a divorce is to work with a realtor. They can help you find the market value. You can also get cash offers from investors off-market. If you’re unsure about how to price your home, consulting a Miami agent is a smart move. Call (786) 400-2628 for expert advice, we are local and know all neighborhoods from Miami-Dade to Broward County.

Prepare for Showings

Preparing your home for sale can be challenging, especially if one of the spouses is living in the property. The person living in the home often feels upset about selling. They are comfortable there and dread going through the buying process again. Make sure to agree on who will pay for any necessary repairs or staging, as this can be another point of conflict. If someone has moved out, it’s important to allow access for showings. Keeping the property clean will help attract buyers.

Review Offers

When offers come in from buyers, it’s important to review them closely. Work together to find the best option. In a divorce situation, there’s often pressure to move quickly, which can lead to accepting an offer just to get the process over with. Cash offers from investors can provide a quicker and more certain sale. You avoid the hassle of traditional buyers who need bank loans or lengthy negotiations. Be sure to evaluate all offers thoroughly, and don’t rush into a decision. With the right guidance and knowledge, you can secure a fair deal that benefits both parties.

Divorce Property Sale, Divide the Proceeds

The last step in the process will be dividing the proceeds of the sale. Overall, it shouldn’t be too complicated. The escrow company will take care of the money. They will pay off any debts on the house. They will also make any other agreed payments 

Often, the main issue comes up when one spouse has been paying the mortgage after separation. That spouse may have lowered the principal amount and increased the equity. This can lead to a larger amount to divide between the spouses after paying closing costs and other obligations. The distribution should be adjusted to account for the paying spouse’s contribution.”

An Important Aspect of Protecting Real Estate Assets

If you and your spouse/ex-spouse decide to sell property, you’ll likely come out far ahead by working with an experienced Miami real estate investor. They will have knowledge of the local market and will be able to keep a cool head in order to get you the best deal possible. If your goal is to protect your Miami real estate assets when going through a divorce, be sure to contact us today at (786) 400-2628.