QUESTION
How can we handle a divorce if we have 2 properties, one is a rental and the other we live in?
Asked on Jan 03rd, 2013 on Divorce - California
More details to this question:
Wanting to get a divorce, no children, have 2 properties not paid for, husband currently not working and returning to school. How do we handle the 2 properties, one is a rental the other we live in. Neither one of us can afford the one we live in by ourselves.
8 ANSWERS
Family Law Attorney serving West Bloomfield, MI
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Law Offices of Eugene Lumberg and Eric S. Lumberg
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Both properties will be divided or handled during the divorce process. Consult with an attorney to discuss this issue further.
Answered on Jan 11th, 2013 at 4:11 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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How you resolve the details of ending your marriage is first and foremost a question for you and your husband to work out to your mutual satisfaction. If you can't agree on things, a judge will have to make the decisions for you. Basically, you can deal with those 2 properties however you choose as a long as you both agree and there are no generic answers that would apply to every divorce.
Answered on Jan 10th, 2013 at 7:43 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You are each entitle to one-half of the equity. Simple solution is to sell both houses and split the profit.
Answered on Jan 08th, 2013 at 4:04 PM
Dennis P. Mikko
A divorce almost always causes problems with the family budget. If you and your husband cannot afford both properties after the divorce, you may have to sell one of the properties. How you divide the marital estate can be determined by you and your husband. There is no text book formula for property division. An attorney would be able to assist you in answering questions and making recommendations after knowing all the facts.
Answered on Jan 08th, 2013 at 4:03 PM
You need to come up with a plan to liquidate or otherwise divide the property.
Answered on Jan 08th, 2013 at 4:03 PM
There are several factors that need to be considered. First, is the rental property earning enough money to support loan payments, insurance, property taxes and regular maintenance? Second, are the properties worth more than the loans against them? You might be looking at agreeing to a judgment that directs the sale of the residential house a little later in the year while allowing whichever party has the most income to remain in the home and make reduced payments on the loan pending sale. As it happens, non-judicial foreclosures are at a standstill and your lender should be willing to cut a deal that gives them at least some income stream off the property.
Answered on Jan 08th, 2013 at 4:02 PM
There are several options, but you have not provided enough information to allow me to provide any specific guidance. The first two ideas that come to mind are 1) both houses could be sold and the proceeds equally divided; or 2) keep the rental property as a jointly owned property (share in any profits or losses) and sell the home you both live in and divide the proceeds. I recommend you consult with an attorney for more specific advice.
Answered on Jan 08th, 2013 at 4:01 PM
Family Law Attorney serving Temecula, CA
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Landon Rainwater Robinson LLP
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If one party cannot afford the property alone a court would force you to list the home for sale.
Answered on Jan 08th, 2013 at 4:01 PM