The Horror of Jointly Owning a Rental Property With Your Ex-Spouse
You might invite your friends for a lavish party when your divorce becomes final, but in most cases, you still have a few hurdles to clear before a time where you never have to interact with your ex-spouse again. If you and your ex have children, you are legally obligated to co-parent until your youngest child reaches adulthood, and beyond that, you will probably find that it is best to put your differences aside in the interest of your adult children having a good relationship both with you and with your ex. Property division is not always so simple that you and your ex can be completely financially independent of each other starting from the day their divorce becomes final. Even if the court does not order either spouse to pay alimony, some financial entanglements may linger for months, or even years. Your marital settlement agreement will probably contain provisions for disentangling your finances, even if it is not possible for you to separate your finances immediately. If you and your ex-spouse are still arguing about money after your divorce, contact a Boca Raton divorce lawyer.
When a Source of Income, and Presumably Marital Stability, Becomes an Albatross Around Your Neck
Buying a house with your spouse is a start, but moving to a new home together while keeping your old one as a source of rental income is a true sign of commitment and family stability. A couple moved to Florida and rented out their former marital home in Maryland. When they finalized their divorce in 2013, there was still a tenant living in the rental property, but the couple planned to sell it. The marital settlement agreement stipulated that the couple would make good faith efforts to sell the property, and that the divorce court had the authority to compel either of the former spouses to accept a purchase offer from a prospective buyer. The tenants paid $3,000 per month, but the total expenses associated with the Maryland house were $3,500 per month.
One year went by and then another, and the former couple were unable to sell the house. Still, the tenants continued living in the house and paying rent. In 2018, the former wife refused to sign to renew the lease, and the husband brought the matter to court. The appeals court was divided on how to resolve the matter. On the one hand, the couple’s marital settlement agreement said nothing about the couple continuing to rent out the Maryland house beyond 2014. On the other hand, the wife’s refusal to sign to renew the lease hardly counted as a good faith effort to sell the house.
Contact Schwartz | White About Financial Entanglements With Your Ex-Spouse That Follow You Around After Your Divorce
A South Florida family law attorney can help you if becoming financially independent of your ex-spouse is taking longer than you originally expected when your divorce became final. Contact Schwartz | White in Boca Raton, Florida about your case.
Source:
scholar.google.com/scholar_case?case=10107596201140252276&q=divorce+drive&hl=en&as_sdt=4,10&as_ylo=2014&as_yhi=2024
