Legal Question in Real Estate Law in Florida
There are four individuals on the title and mortgage of a four bedroom house, me, my wife and both of her parents. Her parents put down $30,000 to buy the house, but the mortgage was paid by my wife and I. My wife and I are divorcing. My wife's salary is and was twice mine, yet we have financial difficulties. I cannot afford to move into an apartment on my own. She and our son are moving in with her parents. She and her parents want me to give up any right to the property, and they plan to sell it. They say I have no right to the home because I didn't actually pay the mortgage. My salary, though significantly less, has always gone into the household expenses. I want to live in the house and rent the three other rooms. They spitefully refuse. Can I buy them out? The remaining mortgage is 76,000 from $85,000, and the house purchase price was $115,000.
2 Answers from Attorneys
If the parties agree, you can re-work the arrangement. Of course the key part is if everyone agrees.
Obviously, the four parties do not agree on how to sell/keep the property, and this is why you are asking this question. The answer lies with the courts. Since all four parties have an interest in the property, either as joint tenants or as tenants in common. Any of you may bring a suit for "partition". This is a legal action that essentially "divides" the property among the owners. While none of you may be happy with the outcome, the court will likely simply order the property to be sold, and the proceeds divided up in some equitable fashion. Each party, you, your soon-to-be ex wife, and her parents will have their own lawyer who will make an argument to the court as to why his/her client(s) is/are entitled to whatever share of the proceeds from the sale, based on each party's prior contribution and an equitable distribution of marital property. Once the house has been put up for sale, of course, you may be the highest "bidder" and purchase the property, but only after the "fair market value" is ascertained, and the property is placed on the market for competitive bids. You would have every right to purchase the property, but only after all parties agree on the fair market value, and actually list the property for sale. Whoever actually occupies the property between now and the time of ultimate disbursement of the proceeds will not live there for "free" but be obligated to the other parties for the fair market value of the rent. You need to contact a real estate attorney who can apply the law to the specific facts of your case and walk you through this process. If you wife and her parents are as "spiteful" as you indicate, it could be a long walk.