JV Split, Settlement, and Capital Gains

[Jason H.]

Hey there BPers,

Question:  I'm JVing a deal (50/50 split net sale proceeds) and I am curious as to when this split should occur to avoid incurring any unnecessary capital gains taxes.  I'm assuming the 50/50 checks would be cut at the settlement table and that I would be responsible for the capital gains owed on my share.  Is this correct?  

Are there any other strategies that might be advantageous or other ways to restructure the split that might be worth consideration?  

Thanks all!

Jason