divorce +home ownership

[dianabee12]

What is the name of your state (only U.S. law)? NY
My husband and I own our home outright, he is on disability, I have a job, I want to move out, he can stay. We both love the house, and neither of us want to have to sell it, he needs a place to live, and the house has value. He can not afford to stay if I don't help financial. Can this be put in a separation agreement, that if I keep financial interest in the home, by paying the land and school tax, and helping out on major repairs, can we still jointly own it, till one of us dies, or we both decide to sell? I am under the impression that with a divorce the ownership of the home, has to be that only one person can own it. There are no children.
thank you
dianabee

 

[Ladyback1]

What is the name of your state (only U.S. law)? NY
My husband and I own our home outright, he is on disability, I have a job, I want to move out, he can stay. We both love the house, and neither of us want to have to sell it, he needs a place to live, and the house has value. He can not afford to stay if I don't help financial. Can this be put in a separation agreement, that if I keep financial interest in the home, by paying the land and school tax, and helping out on major repairs, can we still jointly own it, till one of us dies, or we both decide to sell? I am under the impression that with a divorce the ownership of the home, has to be that only one person can own it. There are no children.
thank you
dianabee

speaking from my personal experience: there needs to only one owner of the property. No gentleman's agreement as it were.

 

[ecmst12]

Your idea is legally possible, just not a good idea.

 

[LdiJ]

What is the name of your state (only U.S. law)? NY
My husband and I own our home outright, he is on disability, I have a job, I want to move out, he can stay. We both love the house, and neither of us want to have to sell it, he needs a place to live, and the house has value. He can not afford to stay if I don't help financial. Can this be put in a separation agreement, that if I keep financial interest in the home, by paying the land and school tax, and helping out on major repairs, can we still jointly own it, till one of us dies, or we both decide to sell? I am under the impression that with a divorce the ownership of the home, has to be that only one person can own it. There are no children.
thank you
dianabee

It is untrue that you cannot continue to share ownership of the home after a divorce. Its not a very common thing to do, because it tends to cause problems, but its not illegal.

Again though, it tends to cause problems. From something as simple as one of you really needing to sell and get your share of the equity out of the home and the other refusing, to something more serious like a creditor of one of you attaching a lien to the home that the other bears no responsibility for. Therefore, it tends not to be a good idea.

If you really decide that this is the best thing to do right now, (and it might be, with the current housing crisis) then it would be better to at least put a time limit on it, or in the alternative, some kind of very solid contract over and above your divorce or separation agreement.

 

[nextwife]

It is untrue that you cannot continue to share ownership of the home after a divorce. Its not a very common thing to do, because it tends to cause problems, but its not illegal.

Again though, it tends to cause problems. From something as simple as one of you really needing to sell and get your share of the equity out of the home and the other refusing, to something more serious like a creditor of one of you attaching a lien to the home that the other bears no responsibility for. Therefore, it tends not to be a good idea.

If you really decide that this is the best thing to do right now, (and it might be, with the current housing crisis) then it would be better to at least put a time limit on it, or in the alternative, some kind of very solid contract over and above your divorce or separation agreement.

it's lien free, she could sell her half to him on a land contract, or take back a mortgage. That would put her interest prior to any subsequent creditor (whom she could foreclose out, if need be), leave him free to sell, she could sell the note or vendor's interest in an emergancy (at a discount, of course.).

 

[LdiJ]

it's lien free, she could sell her half to him on a land contract, or take back a mortgage. That would put her interest prior to any subsequent creditor (whom she could foreclose out, if need be), leave him free to sell, she could sell the note or vendor's interest in an emergancy (at a discount, of course.).

Yes, she could, but she wants to remain an owner because he cannot afford the taxes and the upkeep by himself.

 

[nextwife]

Yes, she could, but she wants to remain an owner because he cannot afford the taxes and the upkeep by himself.

Has he considered a houseshare to help cover the taxes? I did that as an unmarried person to help cover my mortgage.

 

[dianabee12]

So much information, I thank you all for your opinions. Our land and school tax combined comes to around 550 per month, there is no where else he would be able to live, for that low amount, and since my salary would be able to pay that and a small apartment for myself, I thought it would be a good idea. I can see where there could be problems, now that I read the comments.
I would not want to sell my half to him, for two reasons, first it would take him forever to pay me, and I want the house also. I am just having a hard time, being in the house right now.
I will be seeing a lawyer soon, to work out the details. Or maybe a marriage counselor ,
thank you for your help,

 

[ecmst12]

Better to sell the house, split the equity, and let him find his own place to live for what he gets.

 

[ecmst12]

Or if you really want to keep the house, get a mortgage to pay him out his half of the equity so he can move out into a place of his own.