QUESTION
What are my rights regarding a house co-owned with my ex?
Asked on Jun 13th, 2013 on Estate Planning - Colorado
More details to this question:
We both want to sell. He says that if he took me to court that I would get practically nothing. What if the house doesn't sell, what are my options?
13 ANSWERS
If you both want to sell, you should have a lawyer to protect your interest. If it is an ex., meaning you are legally divorced, and unless the court acted otherwise the two of you have an interest in the property considered as owned as tenants in common. Equal ownership. The original deed which may be tenants by the entirety. This would be altered by the Probate Court filing of the divorce the title changes the interest to tenants in common. You own half and your heirs, children, etc. inherit your half. Her half goes to her heirs.
Answered on Jun 14th, 2013 at 11:30 AM
2 Awards
There is not enough information to properly advise you. That said, if you own the property with our spouse, you will likely get 1/2 (minus some possible offset but again there is not enough information). I STRONGLY encourage you to contact an attorney, cooperate in the sale, and get the most you can.
Answered on Jun 14th, 2013 at 4:44 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You could have him buy you out. Or you could sign the title over to him. You could file a partition lawsuit, but then you will have the expense of litigation.
Answered on Jun 14th, 2013 at 4:44 AM
Landlord & Tenant Attorney serving Boise, ID
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Shultz Law PLLC
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If the home was purchased during the marriage in a community property state, it is marital, or community property. However, be advised that all debts incurred during the course of the marriage are also community debt. Options include having the home appraised and advising him that he is on the hook for 50% of the value in order to buy you out.
Answered on Jun 14th, 2013 at 4:43 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Not enough facts as to what your rights are in the co-ownership of the house, whether by divorce decree, contract, or otherwise.
Answered on Jun 14th, 2013 at 4:43 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Your divorce judgment should answer this question completely. Much more information is needed: what does the deed say about ownership? What is your actual investment in the property?
Answered on Jun 14th, 2013 at 4:42 AM
Thomas Edward Gates
You both are liable for the mortgage. If you foreclose both parties will have their credit history impacted. While selling short may be an option, it must be agreed to by your mortgage holder and you two could be liable for the difference between the sell price and what is owed. There are several options to consider, after determining the fair market value of the home, one party can buy out the other. You can always rent the home until the market improves.
Answered on Jun 14th, 2013 at 4:41 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It is always best to avoid court. You would need to agree on a price and who is going to buy the other out. If he is intent on a fair deal, maybe you can work this out. Otherwise, you are going to need a judge to sort this out. I would not rely on him for legal advice. He likely has no idea what he is talking about.
Answered on Jun 14th, 2013 at 4:41 AM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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I really can't answer this question without more information. It's not stated whether your ex is talking about modifying a divorce decree or if he's talking about probate or what. If you co-own the house, without knowing more, I would say he has no greater rights than you do.
Answered on Jun 13th, 2013 at 4:05 PM
If you can agree on a price, one of you could sell your interest in the house to the other person.
Answered on Jun 13th, 2013 at 3:51 PM
If the house is a community asset acquired and paid for during marriage then you would be entitled to one half of the equity in the house. You should consult a family law attorney to review all of the facts and advise you how to proceed.
Answered on Jun 13th, 2013 at 3:51 PM
Co-owners split equally. So, why would you get practically nothing compared to him?
Answered on Jun 13th, 2013 at 3:50 PM
Start with your divorce decree and how it covers this property. If co-owned, then what reason would you receive less than 50% of the net sale proceeds?
Answered on Jun 13th, 2013 at 3:36 PM