title change-divorce

[sapphire/boopsi]

we live in illinois. if we get a divorce before the house sells, and i want 65% of the house proceeds in the settlement and the title is changed from joint tenants to tenants in common at the time of the divorce, is this all compatible? I thought tenants in common meant you owned a property 50/50. can i be awarded 65% and still change the title and protect my interests?

 

[HomeGuru]

we live in illinois. if we get a divorce before the house sells, and i want 65% of the house proceeds in the settlement and the title is changed from joint tenants to tenants in common at the time of the divorce, is this all compatible? I thought tenants in common meant you owned a property 50/50. can i be awarded 65% and still change the title and protect my interests?

**A: you are inocrrect in your thinking. Search the internet on real estate tenancy.

 

[sapphire/boopsi]

Re: Re: title change-divorce

**A: you are inocrrect in your thinking. Search the internet on real estate tenancy.

thank you for your answer, but i'm afraid it's unclear. my husband's attorney wants me to change the title of our home from joint tenancy to tenants in common now, and then settle the proceeds of the home later upon its sale. i want more than 50% of the proceeds. my attorney wants me to go along with what they want. would changing the title now jeopardize my interests?

 

[I AM ALWAYS LIABLE]

we live in illinois. if we get a divorce before the house sells, and i want 65% of the house proceeds in the settlement and the title is changed from joint tenants to tenants in common at the time of the divorce, is this all compatible? I thought tenants in common meant you owned a property 50/50. can i be awarded 65% and still change the title and protect my interests?

My response:

Insofar as the "title change" is concerned, an "indisputable right" of each joint tenant is the power to convey his or her interest in the property with or without the knowledge and consent of the cotenants. But because such conveyance is inconsistent with continuance of the essential unities, it severs the joint tenancy with respect to the conveying joint tenant's interest.

So, the presumption is you and your ex-husband have made a separate agreement for your share of the house value, as of the date of the agreement. When the title changes, two things happen:

1. When it comes time for him to sell the house 10 years from now, he won't have to "hunt for you" in order to obtain your signature.

2. It locks your value share at today's prices, and you won't be entitled to any further money based upon "appreciation" of value. Conversely, you won't be hit with a "lesser share" should market values decrease.

So, since you have a separate agreement for your share, he'll be able to refinance the house on his own, and to pay you your share, or he'll be able to sell the house without your permission in the future - - but, he will be "locked into" a value at today's market and pay you your share based upon today's market value.

Good luck to you.

IAAL