QUESTION
How do we divide shared property during a divorce?
Asked on Oct 12th, 2011 on Child Custody - New Jersey
More details to this question:
My husband and I own 3 properties together. A main residence (where I will live) and 2 rental homes. Do we have to divide them upon divorce or can we keep them in both of our names? I am being told I have to sign deeds of rentals to him, and he has to sign residence to me. Neither one of us wants to do that.
12 ANSWERS
Steven D. Dunnings
You need to hire an attorney.
Answered on Jun 11th, 2013 at 2:03 AM
Family Law Attorney serving Pasadena, CA
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Law Offices of Paul P. Cheng
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If you are both fine the arrangement, complete a MSA.
Answered on Oct 28th, 2011 at 1:21 PM
Family Law Attorney serving Everett, WA
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Burkhalter Law PLLC
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It is not necessary to actually divide assets if you can come to some type of an agreement. If not, the Court will typically divide the assets.
Answered on Oct 28th, 2011 at 1:21 PM
Whoever is telling you that is entirely wrong. You and your husband can agree to anything you want to agree to as far as your property is concerned. If you can't agree, the court will decide for you, but when you do agree, you are free to implement any solution you both find appropriate and fair and no one can tell you to do it differently.
Answered on Oct 17th, 2011 at 11:45 PM
No, you won't have to do that, however, the court will want a detailed written plan as to what the agreement is and how you intend to manage or sell the properties in the future - who is responsible for payments in the meantime, upkeep, and how proceeds are to be divided upon sale. They prefer division now, as generally there can be a dispute in the future about how a property was or wasn't handled, if not divided now. Therefore, they will want specifics to reduce disputes later on.
Answered on Oct 14th, 2011 at 12:36 PM
Mediation Attorney serving Bloomfield, NJ
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Cassandra T. Savoy, PC
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You can do with your assets anything you want. If you want to keep them in both names, you will need to decide NOW what happens if you decide you want to sell before he thinks selling is a good idea. What criteria will govern when the right time to sell is? How the proceeds will be divided? How will the rental income be used? All issues need to be resolved. And, you need to decide NOW how you will resolve disagreements about the property in the future.
Answered on Oct 13th, 2011 at 2:12 PM
Glen Edward Ashman
If you both agree, and use a lawyer, the two of you should have great flexibility in how to divide property.
Answered on Oct 13th, 2011 at 12:48 AM
Civil Attorney serving Spokane, WA
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Glenn E. Tanner, Attorney at Law
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In Washington, the court has to divide all property. But you could continue as tenants in common. There are serious concerns and risks with that. You need some assistance beyond what's available in this forum. See an attorney for a free consulation.
Answered on Oct 12th, 2011 at 6:22 PM
General Civil Trial Practice Attorney serving Beaverton, OR
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Vincent J. Bernabei, LLC
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You can hold the properties jointly, as tenants in common without a right of survivorship. If you have 3 properties, you can't afford not to have an attorney look at this.
Answered on Oct 12th, 2011 at 6:22 PM
If you guys can come up with an agreement that is legal and equitable you may not need to sign over property that you do not necessarily want to sign over to the other party.
Answered on Oct 12th, 2011 at 6:21 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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Generally, you and your husband can do whatever you agree to do. However, continued joint ownership of property, especially real estate, can present potential problems or disputes in the future. It would be foolish to do what you are contemplating without consulting an attorney about the consequences and possible alternatives.
Answered on Oct 12th, 2011 at 5:27 PM
Gary Moore
Your lawyer gives advice and explains why you should follow it and then you decide what you are going to do. You can make whatever arrangement the two of you want.
Answered on Oct 12th, 2011 at 5:26 PM