In a property settlement in my divorce.?

Question

In the property there are two strip shopping centers and land and 4 houses, one worth close to a million and the other about 1/2 million and the other two around 200,000 each. Should I take cash and allimony or 50 percent of property and alimony. I thought I would keep theproperty 5 years and then sell and move into one of the smaller homes. Which do you think would be the smart way to go. I am 60 years old in good health, but I am concerned about my future and do not want to make a mistake. I am leaning towards the property, but some of the family are leaning the other way. Any suggestions.?

Answer 1

Since you are now divorced , and have alimony and all that property. I want to say you are hot. Heck if you need a pool boy I would give up my wife and girl friend.

Answer 2

First thing you need to do is to consult a trust attorney or accountant. They will be able to provide you with information on the land values in your area. Property is usually the best way to go, but given the real estate climate in some places, that may not be true right now.

The other thing you need to do is to define your end goal. Not to sound cruel, but at 60 years old are you looking to leave money to children or grandchildren? While sixty is not so old anymore, it's not twenty either. You want to make sure that you are financially set personally, even in the worse case scenario.

You'll also want to talk to the attorney about setting up a trust and/or will.

Good Luck!

Answer 3

Tough call. I think I would take the property. It's generally a sound investment. You probably wouldn't get as much of a return on the cash if you invested it (unless maybe you invested in other property).

Answer 4

I think that you should keep the property, unless you think that you can invest the cash at a rate that's higher than the current appreciation rate for your property.