PropertyManagementMaven: December 2010

DIVORCE * 'Tis the Season

I'm now working with my third rental prospect headed for DIVORCE....I've had 2 women applicants who were very upfront with their intentions, took two different of my rental homes when they were available so that they could show the judge they had a home and wanted to awarded joint custody of their children.  Both left their husbands in their current home and BOTH had the HIGHER PAYING job.

Now, is the season for landlords to get DIVORCED also.  I've counceled my second landlord property owner client to let their wife keep their current home and keep their kids in the neighborhoods and schools and for them to take their rental property and put it on THEIR side of the ledger * more tax deductions AND more ability to move for higher salary/better employment.

Meanwhile, landlords with multiple rental properties who are up-side-down on appreciation and value are thinking about walking away from their investments when their spouse and her attorney are unrealistic on their demand that the properties be sold.

The NEW REALITY of DIVORCING LANDLORDS of splitting properties and/or selling them when a divorce is in the process no longer WORKS.  A realistic expectation of the trials and tribulations of being a DIY landlord should be considered by parties AND their attorneys before the DOMESTIC COURT judge orders the court or a conservator to take over the properties, collect the rent and pay the mortgages....THEN no one benefits except the tenants and the mortgage companies!

 Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans


"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

Comment balloon 10 commentsWallace S. Gibson, CPM • December 22 2010 07:42AM
DIVORCE * 'Tis the Season
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