Is it possible for my husband and I to divorce and both retain an equal interest in our vacant land?

It’s not an acre of land. It was bought and partially developed with my social security back pay. He can’t pay me off in full. The only reason I’d sell it to him would be to gain more resources as it counts against me. However, I bought it from a relative and worry what will happen to it if I don’t retain an interest in it for me and my 2 kids.

Asked on November 29, 2011 under Family Law, Washington

Answers:

Lyle Johnson / Lyle W. Johnson Attorney at Law

Answered 9 years ago | Contributor

Yes after divorce both you and your exhusband can be owners of the property.  The terms and conditions for such joint ownership must be carefully set out in a writeen agreement.  First you would probably want to hold the property as tenants in common. This will insure that each of your maintain your interest in the property after death.  You should also consider how taxes, repairs etc will be paid.  Finally you will want to set out how sale or disposal of the property will be conducted.  Using the services of an attorney to prepare the agreement would be a good investment, and should be done at the time the property division.


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