Wealthy Divorce Real Estate Collapse Strategies may save or cost you millions of dollars. MacLean Law’s Wealthy Divorce Real Estate Collapse Strategies lawyers can help you share gains as well as losses and help extricate you from presale offers to help you cut your losses.
Obviously, the market is clearly going lower contrary to cheery forecasts from developers and realtors. You have a chance to buy your spouse out for less or buy a new home for you and your children at less than the grossly inflated and unjustified prices pre-collapse. MacLean Law set the records for high net worth spousal and child support ant $116,000 a month YES A MONTH, property division at $25 million, plus special costs record of $1.5 million.
Best Wealthy Divorce Real Estate Collapse Strategies Lawyers
Lorne MacLean KC and his team handle the biggest and most complex international family property and financial and parenting time dispute cases.
Wealthy Divorce Real Estate Collapse Strategies
Ultra high net worth Vancouver family lawyers understand that the condo and real estate market is collapsing in Vancouver, Toronto, Kelowna and China. Our world-class Mandarin speaking family law team knows the real estate collapse happening in China impacts BC. Empty 10 million dollar Vancouver condos sit dark while Chinese investors cannot get their investment back.
Options include:
- Buyout: One spouse buys out the other’s share of the property.
- Renting: Maintaining joint ownership and renting the property, potentially with one spouse residing there and paying rent to the other.
- “Birdnesting”: Ex-spouses retain joint ownership and alternate living in the house with the children.
- Short Sale/Foreclosure/Bankruptcy: If the house is underwater, these options may be considered including interim sale if it is inevitable and cannot be maintained after two spouses separate and now two housing costs exist instead of just one. In highly leveraged homes sale might need to happen.
Developments Stall and Banks Not Happy
Developers have lost their easy access to capital that should never have justified the sky-high profits they demanded and now they struggle to survive. Giant condo marketing companies have cut half their staff as their easy commissions dry up. Local developers are being sued for millions in unpaid bills and some have even sought creditor protection. The scary part is for people who bought a place on presale beyond wanting to get out as the value is less than they paid is even getting their unit to be completed if developers are bankrupt.
Vancouver Real Estate Family Property Division Lawyers Tel: 604 602 9000
This means separating spouses need to adjust their strategies. MacLean Law lawyers have seen downturns before in the 1980’s unlike many young family lawyers that have only see real estate climb in value.
It also means that in ultra high net worth cases involving the wealthiest real estate developers and former high earning realtors there is now a new a reality check both for them, and for their spouses. Projects sit idle, banks call loans and buyers default. Need a plan? Call us.
We see so many empty predevelopment condo towers in Oakridge ( the prices for a poor location on that project never made sense even in the highest market so people were unfortunately perhaps foolish in investing in that one) , the Butterfly and more.
Spouses will try to blame the other for foolishly investing in formerly grossly overpriced condominiums, but generally speaking, unless there was malfeasance the fact that someone was persuaded to buy into into a condo that crashed in value is not something that will be visited only on the party who came up with a good but suddenly bad idea to buy it.
Best Vancouver Family Property Division Lawyers Tel: 604 602 9000
Vancouver, Toronto and Kelowna and Victoria real estate is in full meltdown mode, but that doesn’t mean that divorcing spouses can’t take advantage by adapting to the new declining prices. This might be the time to try to buy a more expensive place at a deep discount but we think prices are going lower so maybe you need to be patient. This might mean that you can buy a second home at a deep discount when you leave the family home ( or maybe it’s a true value all the time).
You should be asking realtors-to cut their commission to close on a deal that you can afford in a declining market because they are not used to difficult selling patterns and a reduced commission is better than no commission.
Winning Wealthy Divorce Real Estate Collapse Strategies
We know, the biggest developers are facing bankruptcy and pre-sale buyers are walking away from their deposits because the decline in value is worth way more than the deposit they put down.
I’m surprised that the media hasn’t been more alive to the collapse and how it affects family, separations and divorce particularly in this current real estate market.
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