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Getting a Divorce? Consider a Neutral Interim Third Party to Manage that Real Estate…

February 19, 2013 Leave a comment

Divorces stink. No way around it, and no matter how cordial everyone’s trying to be. The easiest divorces are usually those where there are no kids, no wealth and no real estate involved.

Add any – or all – of those three into the mix, and it suddenly gets very complicated. No matter how well you used to communicate, or how much you once trusted the other person, questions can start popping up….

A divorce when real estate is involved can get nasty really fast. Who’s in charge of the day to day management? Who collects the rents? Who pays the bills? Who’s pocketing money or squandering it on personal – not business – expenses? Is the property for sale – and if so, who’s hiring the broker, and who’s agreeing to the listing price? Are the lawns being mowed? Are the furnaces being maintained? Are the units being filled? Are those bills really being paid?

We know of several situations in which a divorce dragged on and on not because of arguments over the kids or someone’s affair or who gets the house… but because of the real estate. Even when it’s in one partner’s name, fights over real estate can get very messy, and keep a divorce in the courts for far longer than is good for anyone (except the lawyers).
Image - Broken Heart Line Drawing
If you own real estate and are thinking of getting a divorce – or are already in the midst of one – you might want to consider hiring an interim property manager to handle the finances and day to day management of the property. (Or you could ask the court to appoint someone, in which case both you and your spouse will be asked to provide the names of 2-3 property management companies along with their fee structures.)

Yes, you’ll pay around 10-11% of the rental income to the property manager (some of which might have ended up going to the legal guys anyway), but you’ll rest easier knowing exactly what’s going on with that real estate.

One quick tip… Make sure the property management firm you choose is impartial. This doesn’t necessarily mean that you should choose someone you don’t know, but it definitely does mean you should choose someone who knows that his job is to manage the real estate to the best of his (or her) ability – and not to get involved with taking sides in the divorce.

As I said, divorce stinks. Take a bit of the pain away by letting someone else manage the headaches of the real estate for a while.

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