Divorce - Equitable Distribution - Real Estate - Andrew Economos

Q: My husband and I own several properties in Europe including two commercial properties, how would these get addressed as part of the divorce process?

A: Whether the properties are located in New Jersey, New Mexico, New Zealand, it doesn't make a difference. The process is the same. The assets need to be identified. They need to be valued and they need to be equitably distributed. Now, there are a couple of ways that you can value a property. One, you can stipulate to the fair market value of the property which means you and your spouse can simply agree what the value is. That will alleviate the need to have any appraisals performed on the property, which costs money. If you can't agree to what the fair market value of the property is, then appraisals will be necessary. Typically, an appraisal will be done and that will be the baseline for the fair market value of the property. However, one party if they don't agree with that appraisal, can still seek a second, third or subsequent appraisals to determine what the fair market value of that property is. Until the parties can either reach a consensus to what the value is, or until the Court makes a determination as to what that value is, there is a third alternative when dealing with real property and that is the parties can simply elect to sell the property. In that situation a formal appraisal isn't necessary, a stipulation as to the value isn't necessary, it's simply whatever you can get for your property upon its sale, that's what will be equitably distributed between you and your spouse.

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