Extensive Real Estate Holdings and Family Business
Basic Facts
My clients, Carl and Debra, were partners in a successful restaurant. They also owned and managed numerous commercial and residential properties, some of which were owned individually by each spouse, some by them jointly, one property by Debra along with her family members, and several others by limited liability companies in which either or both Carl and Debra were members.
Challenge/Goals
Maintaining a positive relationship between Carl and Debra so that they could continue their restaurant partnership after the divorce. Untangling the complex ownership structure of their real estate holdings while minimizing conveyance taxes, income taxes and other transaction costs.
Solution/Value Added
Rather than focusing on their failing marriage, we built on Carl and Debra’s relationship as successful business partners. Accustomed to making business decisions together, they jointly provided the picture of what they wanted their new post-divorce finances to look like. My partner, having a sophisticated real estate practice, then utilized his expertise to quickly implement Carl and Debra’s goals, while saving them thousands of dollars in taxes.