Receivership
When dealing with a dissolution of marriage, relationships tend to also dissolve. This is to be expected, but when a spouse ends up acting against the Community for their own personal interests, this becomes an issue where the courts must now become involved. This is a huge concern when you or your client is trying to ensure that all Community assets are accounted for during their Moore Marsden calculations and then eventually fairly split as the divorce concludes. This article pertains to receivership in relation to real estate owned by the Community.
For example, a married couple could be living in bliss for years while building up their investment portfolio with several properties that are earning rent each month, but once the relationship starts to dissolve, who will ensure that the rental income is actually being fully accounted for? Who will ensure that the Community assets are properly managed? That could be a job for the receiver. A receiver is a court appointed neutral third party who can ensure that Community assets are protected and accounted for.
This can be tremendously helpful if a spouse threatens to keep all rental income to themselves, or says that they are using the income for “repairs” though there is a strong suspicion they are keeping that income to themselves. Sometimes, a spouse will out right announce their intent to illegally sell or damage a property or even say they plan on keeping all of the rental income for themselves. To ensure that rent collection is properly monitored for the Community investment property, the court may grant a receivership. The court may then outline under which circumstances repairs may be made, usually these will only be repairs that maintain or increase the value of the property.
Receivers will communicate with both spouses to keep them in the loop, they however should only take direction from the court. It’s vital that all rental income, repairs and any other necessary expenses are documented fully so that your Moore Marsden Expert can do a fully accurate accounting of all marital assets in question. The receiver is also required to make periodic reports to the court as well as a final report so that both spouses are fully aware of what is going on.
If you or your client is interested in requesting a receivership, Realicore Real Estate Group, a subsidiary of the Friedman Firm, is experienced in these matters and we’re ready to aid in the marital dissolution process.
Did you know that we can also LIST and SELL your client’s real estate? We have experienced Real Estate Brokers on our team that are licensed to sell property in the State of California! From single family homes to commercial properties, we can provide your clients with a superb, yet cost-effective service. Since we’re already up to speed on the case details from completing the Moore Marsden and we already evaluated the real estate value in detail, why not hire us to help market and sell the client’s property! We have the experience in divorce real estate transactions to make it as smooth as possible for all parties involved. Call our affiliated real estate office to find out more: (909) 810-2108 or visit our website at www.Realicore.com. DRE# 01847854.
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