If I would like to buy out my ex-wife’s half of our jointly owned home, how can I do that without the home being re-assessed?

My ex-wife and I jointly own a property. I want to buy out her half but avoid a tax reassessment. The funds she receives will need to qualify for one time capital gains exemption.

Asked on February 28, 2012 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to properly structure the buy out of your wife's interest in the jointly owned home without the home being reassessed for tax purposes would be to consult with a tax attorney who does real estate law and structure the sale to minimize any tax consequences.

Possibly the purchase might be an event that does not trigger an increased property tax if it is done pursuant to a dissolution degree. Some states in this country do not increase the assessed value of real property as part of a maritial dissolution buy out.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.