Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.
How To Split Investment Property Inheritance
When families own property together and some of the owners pass away it means that the remaining owners likely have to split up ownership of the investment property. In order to make the division of this investment property inheritance fair, the owners who want to be bought out should receive their fair share. Those who wish to keep interest in the investment property should pay what they owe. After the ownership issues of this investment property inheritance have been resolved, the family must come together again to determine how the investment property will be maintained.
In Marriage, It’s Critical To Understand Assets Ownership
When you're married it's important to understand who owns what and how property is divided up. Understanding the way assets are owned is even more important if you've got a prenuptial agreement. If you later get a divorce your prenuptial agreement will determine how the court divides assets.
Hire Attorney To Resolve Title Problems
When your spouse passes away and the title to your home has the name of another individual on it, what can you do? One option is to offer to buy out the other party whose name is on the title to the home. Another option is to hire an estate attorney to resolve title problems.
Partnership Agreement Helps In Real Estate Investment
When you make a real estate investment with a partner you need to set up a partnership agreement outlining each partner's role and responsibilities. You should think twice before doing a real estate investment with a partner whose judgment you don't trust. The partnership agreement would also protect the partners, in case one tried to defraud the other, as could be possible with a quit claim deed in this case.
Refinance And Quit Claim Deed Before Divorce
When you separate or divorce you may decide to refinance your primary residence. If you refinance and execute a quit claim deed at the same time, it means that regardless of whose names are on the mortgage loan note, the only owner of the property is the one who did not sign the quit claim deed. When a court looks at the assets involved in a divorce, the quit claim deed will affect the future of the home.
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Alyce is self-employed earning $150,000 to $300,000 per year. She has no retirement plans, but is selling property and after taxes are paid will net $...
Estate Planning Can Prevent Future Confusion
When you lose your spouse and your spouse did not have a will it may make transferring assets such as a home confusing. Estates without a will have to go through probate, which can take some time. Learn how to clear up the ownership of a home and provide your children with clear legal ownership if something should happen to you.
Tax Implications Of Flipping Real Estate Before Construction
This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of tax gain you would get flipping pre-construction real estate, hinges on the question of what it is that you bought and when you are considered to have made the purchase under tax law.
Newlyweds With Two Homes
A soon-to-be-wed couple both own their own homes. They would like to sell his home to his adult child and put both their names on her home. They may run into many issues with taxes, equity, and inheritance. When they merge two families and each of them have children, they may need to determine how they want their assets to be split up in case something should happen to either of them.
Divorce And Quit Claim Deed
Can a divorce settlement override a quit claim deed? Unlikely. If one spouse pays the other spouse his share of a property and he signs a quit claim deed, the first spouse does not owe the other one any money for a home. But when you're going through a divorce with assets, the judge will look at all the assets when deciding how to divide up property.