Legal Question in Family Law in Virginia
money lost if we sell now
My wife and i have been seperated for 7 months and have a 22 year old son together. I live in the marital home. We both would like to get a divorce but we would like to keep the home and sell it later, hopefully when the real estate market picks back up. Can we divorce and still own property together.
2 Answers from Attorneys
Re: money lost if we sell now
You can own a house with your ex-spouse but you would own it as two private individuals instead together as a married couple. You had better trust the other. You each would have 50% rights to buy, sell, mortgage, lien the house without the other's permission. The agreement has to be specifically drafted to protect each parties' rights. You need an experienced domestic attorney to do that.
Good luck.
Re: money lost if we sell now
Yes, after your divorce, you could hold title to the property together by what is known as tenants-in-common, as opposed to tenants by the entireties, which is the way a married couple typically holds title to real property.
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