Yes, your rental property will be considered marital property even if you bought it with your own money and only your name is on the title.
That property will be subject to equitable distribution rules, but that doesn’t mean you’ll necessarily lose the property.
Negotiating a divorce, especially when it comes to the assets and debts a couple has acquired, is a holistic process that takes into account the financial standing of both individuals, as well as of the marriage as a whole.
It is always possible to negotiate to retain the assets that matter to you by being willing to compromise on assets you’re less invested in.
And there are additional options besides keeping or selling.
If you have a rental property that provides steady income and has proven to be a good investment, you and your spouse may decide that retaining it jointly, and splitting the profit and expenses as co-landlords, can work for you.
We can help you keep the things you care about in a divorce.
Call us today at 718-725-9601 and talk to a Brooklyn divorce attorney for free.