We are trying to settle the Property division, My ex wants his name on the home which i am going to get in propery division.

Asked 10 months ago - San Jose, CA

My ex says he gets half of the value of the house where i am living based on his oral calculations of the property. Where he is taking another house+loan+liquid cash+ 401. I know that his calculation is wrong. There are very good chances of granting home entirely to me if we go to trial.
Both of us wanted to settle the case out of court. He proposes that, both our names will be there on title and agrees that he will not have the rights to sell without my consent and I will not have the rights to sell the house without his consent. If we settle the PD as above what are the complications i may run into in future. PS: he has his ex-wife and a son of age 20 years.

Attorney answers (6)

  1. David Alexander Yomtov

    Pro

    Contributor Level 16

    4

    Lawyers agree

    Answered . "What are the complications?" There are many.

    If the house it to be yours, then it should just be yours. How will you be able to refinance it or draw a line of credit if his name is on title.

    What if he gets sued and loses. Then YOUR house could be executed against to satisfy HIS debt.

    What if he doesn't pay taxes. The IRS will put a lien on your house.

    What if he gets busted for dealing drugs. (OK, I know that's farfetched, but it could happen and you'd lose your house.)

    What if the house increases in value. Later, he'll want "his share" of the increased value, most likely, although he won't deserve it.

    You are MUCH better off clearing title to these properties altogether, NOW, while the issue is before the court.

    Frankly, you're in over your head. Hire an attorney to help you navigate these rocky waters. Many attorneys are good at settling out of court.

    Legal disclaimer: The response given is not intended to create, nor does it create an ongoing duty to respond to... more
  2. Michael Charles Schwerin

    Contributor Level 17

    3

    Lawyers agree

    Answered . You will want to review whatever agreement you have with an experienced family law attorney prior to signing anything. They can discuss the pros and cons of your agreement and warn you of any problems or potential problems.

    Michael Schwerin, San Jose, California phone: 408-295-4232 email: schwerin@ix.netcom.com. Consultation fees,... more
  3. Gregory Paul Benton

    Contributor Level 20

    3

    Lawyers agree

    Answered . The ramifications are based upon how the names are placed on title. But if you place his name on a title, then you are admitting that he has an ownership interest in the house. If you believe that you will be awarded the full value of the house, then why agree to less? Set the matter for trial.

  4. Rod Firoozye

    Pro

    Contributor Level 5

    3

    Lawyers agree

    Answered . I agree with Mr. Yomtov as well and I usually recommend against a property being held jointly by the Parties after divorce. Furthermore there may be tax implications that your Husband has not considered (for example you may not both qualify for the joint capital gains exclusion since he would not be residing in the residence for a requisite number of years after the divorce).

    However under limited situations, Parties can agree to continue to maintain joint ownership, but an agreement for doing so has to be drafted very carefully with time limitations and a way out should one of you want to sell the property. I would suggest that before you further consider your Husband's proposal you first consult with a skilled family law specialist and a CPA (or tax attorney) about possible tax ramifications of such a deal.

  5. John Noah Kitta

    Contributor Level 19

    2

    Lawyers agree

    Answered . Mr.Yomtov has given you a very clear articulation of reality. Take a look at the movies The War of the Roses and Sleeping with the Enemy. Your listening for advice from the enemy. You are not going to do too well. It sounds as if his thoughts are misplaced and you are going to be entirely taken advantage of. Don’t walk but run to a- competent experienced family law lawyer and let a professional handle this mess.
    ____________

    If you have found this information helpful, please let the attorney know by marking best answer. Thank you.... more
  6. Athina Karamanlis Powers

    Pro

    Contributor Level 17

    2

    Lawyers agree

    Answered . You need a lawyer that understands finances and can help you to resolve the issue out of the courts without complications. Some of us in avvo like me we specialize in those kind of situations. Give us a call

    Disclaimer:Attorney and Fraud Examiner.One of few that are Certified Fraud Examiners (CFE). The information... more

Related Topics

Divorce

Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

25,507 answers this week

2,972 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

25,507 answers this week

2,972 attorneys answering