If my husband and I are separated and we own a home that we rent, do we have to sell it before we settle?

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If my husband and I are separated and we own a home that we rent, do we have to sell it before we settle?

Can they figure the fair market value to decide what my 1/2 will be?

Asked on October 16, 2010 under Family Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am sorry for your situation.  No, you do not have to sell the property before you settle depending on how you intendon agreeing to distribute the property.  Is it your intention to agree that your husband will pay you half of the value of the home before and you will  deed the property over to him?  Yes, the property - all your marital property - will be valued so that distribution will be equitable.  Be aware, though, if there is a mortgage for the property in your name the mortgage will remain in your name as well as your husband's unless and until the property is refinanced to his name alone.  If he does not qualify for the loan on his income alone then you will be stuck with your name on it an be liable if he defaults.  Therefore, I would suggest that you either make it a condition of transfer that he refinance the property before you deed it over to him or you sell it before you divorce.  But an attorney in your area is the best one to let you know the way to go.  Good luck. 


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