One way many Rockford, Illinois, families make extra money is by purchasing and then renting out additional real estate. Sometimes, this business can be quite lucrative, even to the point where a couple can make a very decent living just managing their properties full time.
Even happily married couples will likely want to know how much their properties are worth, as this information can be helpful in a number of contexts. However, in the event of a high asset divorce or a legal separation, knowing a little bit about how to put the correct value on these properties can be the difference between getting a fair property division and getting the short end of the stick.
Putting a value on investment and rental properties is a bit trickier than coming up with a sale price for a private residence. However, with respect to residential rental properties, a couple can employ an approach similar to what realtors use when selling a home. Basically, the idea is to compare the price of rent for similar homes and set the value of their properties accordingly.
However, a Rockford resident should think of this as more of a ballpark estimate of how much an investment property is actually worth. Particularly when it comes to commercial rental properties, other methods of valuation, or some combination of methods, may offer a more accurate picture of what a property is worth.
Valuation of rental properties can be a complicated affair both from a legal and a financial perspective. An experienced family law attorney can help with identifying the right information and expertise one will need to divide his or her rental properties in an equitable manner.