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Ownership of multiple homes may raise Ohio divorce issues

Members of the military who work at Wright-Patterson are probably used to moving around a lot. This is, after all, a common part of military life, even when the country is not engaging all of its resources in to a conflict.

When members of the military move from place to place, they may slowly acquire real estate in multiple states, since it often pays off for them to purchase homes off base rather than rent or take up residence in on-base housing.

Buying homes can wind up being a financial boon for the family as they could end up holding a nice portfolio of properties they can use for rental or other investment opportunities. However, a family with multiple homes that is going through a divorce or legal separation will face some unique property division issues.

For one, even when the divorce or separation is not acrimonious, there is the practical problem of refinancing, selling or otherwise disposing of various properties, particularly when many of them may be located hundreds of miles away from Dayton. Still, as these homes are likely to be treated as marital property, they will have to be legally divided between the two spouses.

Moreover, putting a value on investment real estate is even more complicated than estimating the sale price of a private residence. With respect to estimating the value of a private residence, comparing similar homes that have sold recently usually works. Investment properties, however, are unique because the amount and reliability of rental income also has to be considered.

Military members who have acquired homes in the various places where they have lived may need the help of an experienced Ohio family law attorney should they be facing a divorce or separation.

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