and payment of the mortgage hasnt been fully paid? will one of them have the right to be a sole owner of the property perphaps to care for a young child and buy the other out or will the house be sold and the proceeds divided equally?
2007-06-27 23:11:23 · 6 answers · asked by temi o 1 in Business & Finance ➔ Renting & Real Estate
It will be determined by State Law. Some states are EQUAL distribution states; some are EQUITABLE distribution states, and others have neither provision. It would be better for the couple to agree, initiate the legal matters - but if not, a judge will determine the distribution of the property according to state law.
(of course, if the mortgage hasn't been paid, this is a mute question. It WILL be foreclosed).
2007-06-27 23:24:03 · answer #1 · answered by me 7 · 0⤊ 0⤋
When there is shared ownership of a property such as you describe, a mutual agreement must be reached between the owners on how the property will be divided. One MAY buy out the other, but the two must agree on what 'half' of the buyout price will be. There are no laws covering how this will be split. Only a legal contract entered into at the time of purchase (or at any time thereafter) would govern such definitions of a split. Absent any additional contract, each is defined by law as having an equal and undivided interest in the property.
The parties involved must determine which approach is the proper one. As a caution to either party which may elect to 'sell out' to the other, be certain that the property is refinanced in such a sale. If this is not done, both parties will remain equally and fully liable for the payment of the mortgage contract, even if the one who buys out defaults.
If this is not an amicable split, I urge you to seek the advice of a qualified attorney to protect your interests. Such a split is handled much like that of a divorce.
2007-06-27 23:29:38 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Depends exactly on your situation.
However if you want to keep lawyers out, or at least minimized, the two people have to AGREE about the disposition of the property and then you need to make that decision both final AND legal..
If you do not AGREE, then get a lawyer and prepare for the property to enter probate. It can get very expensive and yes the property may have to be sold and then divided proportionately depending on how the court decides. It will kinda be like a divorce.
2007-06-27 23:23:05 · answer #3 · answered by Jeff Engr 6 · 0⤊ 0⤋
A joint ownership of the property means that both parties are responsible for the payment of the mortgage.
Unless there is an agreement whereby one party buys out the other party and subject the bank's approval, full ownership can be transferred to one party.
If the couple split and it could be a settlement whereby the house stays with one party. Of course this arrangement also has to be agreed by the bank
2007-06-27 23:23:21 · answer #4 · answered by AO 2 · 0⤊ 0⤋
everything the couple owns is a conjugal property.that means you both own it.so you can sell everything and divide it equally.fair share...i dont know about the child... usually the man has to pay for the educational needs of the child and the woman usually takes care of the child.
2007-06-27 23:28:45 · answer #5 · answered by janineferoca 1 · 0⤊ 0⤋
Depends on the state you live in and the divorce settlement. Much of this can be negotiated in the settlement.
2007-06-27 23:22:06 · answer #6 · answered by jingles 5 · 0⤊ 0⤋