Divorcing and keeping the house - how does this work?

[Anonymous]

I went through exactly this, OP. Ex and I split and we were in the process of putting the house for sale, got it appraised and even met with a realtor who gave us a number to sell the house for. I decided I wanted to keep the house and offered to buy out my ex's share of the equity (which wasn't that much at the time) which would have been (market price - mortgage owed - realtor commission?/2. Ex eventually agreed. I then refinanced on my own some time after that.

[Anonymous]

For me and my ex, we just never did anything with the house upon our legal divorce. We are both still on the title, I am on the mortgage. We are basically co landlords and I am the tenant. Upon sale we will split the proceeds.

[Anonymous]

Anonymous wrote:For me and my ex, we just never did anything with the house upon our legal divorce. We are both still on the title, I am on the mortgage. We are basically co landlords and I am the tenant. Upon sale we will split the proceeds.

This is a bad idea. You want to cut financial as well as legal and emotional entanglements when you divorce.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me and my ex, we just never did anything with the house upon our legal divorce. We are both still on the title, I am on the mortgage. We are basically co landlords and I am the tenant. Upon sale we will split the proceeds.

This is a bad idea. You want to cut financial as well as legal and emotional entanglements when you divorce.

ITA....say someone slips on your front walk....both can be sued or DH is sued for a drunk car accident causing someone harm...they can go after the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For me and my ex, we just never did anything with the house upon our legal divorce. We are both still on the title, I am on the mortgage. We are basically co landlords and I am the tenant. Upon sale we will split the proceeds.

This is a bad idea. You want to cut financial as well as legal and emotional entanglements when you divorce.

ITA....say someone slips on your front walk....both can be sued or DH is sued for a drunk car accident causing someone harm...they can go after the house.

These examples with slipping on the front walk or drunk driving are normally covered by property and auto insurance, regardless the ownership.

[Anonymous]

Similar situation here to PP: soon to be ex and I have both our names on rental properties titles. The value of the properties as businesses (e.g. rentals that continue to be such after divorce) is about 30% higher than selling them off a piece to split. No mortgages, fully repaid during marriage.

I am thinking about an irrevocable trust option, so that all buildings continue to be 50/50 owned by ex husband and ex wife and both would be splitting income 50/50. My guess that if I try to split or request selling them off, I won't be getting as much value vs. keeping the business intact and getting life-long income. Keeping it as is will prevent huge fight over assets and contentious divorce. I don't mind having him as partner, we are communicating ok about business and our marriage became a business arrangement after so many years. Plus, kids can be protected as well if such trust is established. I don't want anyone that my husband re-marries to inherit any of the assets that were repaid during our 20 years long marriage. He wouldn't mind it, as he has another pretty expensive asset that is his sole property.

Any considerations?

[Anonymous]

Ex bought me out and she had to refinance to get my name off the mortgage - Maryland