Co Ownership Of House After Divorce
Are you going through a divorce but don’t want to sell your house right away what do you do?
Something that continues to come up recently because of what’s going on with interest rates going into the six and seven percent and people wanting to sell their house during a divorce which normally isn’t an issue.
If you’re going to re-buy then there’s issues with you know getting a new interest rate on a new home or with the prices of homes being reduced because of the interest rates.
So we’ve had several clients and we’re in what are we January here 2023 and over the last I’d say six or eight months it’s become almost a daily topic with clients who have a home want to sell but they can’t quite get the price they want to get on the home because they’ve come down significantly due to the interest rates rising.
And they want to know well what can we do? What are our options? So it is possible to co-own your home post divorce in the settlement agreement?
We simply would indicate what it is you guys are agreeing to do if you guys have a number that you you guys want to hit as far as selling and that is the the goal post for selling it and you say, hey we want to keep the house for six months a year two years or whenever we can sell it for a certain amount.
That could be something we could put in this settlement agreement. It can be very specific like that or you can simply say we’ll meet and confer on an annual basis or every six months to discuss the sale of the home to see you know talk to the realtor and see what we can get for the home and see if it’s the right time to sell.
There’s nothing wrong with doing that. The only thing you guys would want to discuss is are you guys going to rent it out or Airbnb it who is what are you going to continue to live in it during that time and how’s that going to work out financially and when you do sell it how will the proceeds be split at that time.
And just keep in mind that you know you guys are going to want to discuss when that point is and have some end goal in the settlement agreement to say when it hits this point or this happens or that happens this is when we’re going to sell foreign