What happens in a divorce if one side insist on the other to stay as a partial owner?

[PandaBear]

I can see people fighting over one property (say a house or a car) and try to outbid each other in negotiation, but I wonder what would happen if say one home, investment or an in-law occupied home, is wanted by one spouse (but cannot afford to keep it alone), but the other does not want to keep it? Would the typical procedure be buyout from the spouse wanting it? or would it be sold in the real estate market and cash divided among them?

My understanding is no one can force you to keep a property you don't want (and force you to let someone else live there for free), as it is not a child or pet, correct?

 

[JustN89]

I can see people fighting over one property (say a house or a car) and try to outbid each other in negotiation, but I wonder what would happen if say one home, investment or an in-law occupied home, is wanted by one spouse (but cannot afford to keep it alone), but the other does not want to keep it? Would the typical procedure be buyout from the spouse wanting it? or would it be sold in the real estate market and cash divided among them?

My understanding is no one can force you to keep a property you don't want (and force you to let someone else live there for free), as it is not a child or pet, correct?

It would likely be put up for sale, if neither party wanted it or could afford it.

 

[Hall]

If one party wants to keep "it" and the other doesn't (they would prefer to sell it, for example), one has to buy the other out. The court will help decide what a fair value is too. If they can't agree, the court will make them sell it and divide the proceeds.

 

[Shannow]

In Oz...
the party that wanted to keep it has to buy the fair value off the other party.
Then if they can't it sells, and they get the percentage of sold value.

e.g. in my case, I'd paid off two houses, she was in the lesser value property (we were prepping to sell to get the kids into Uni, and they moved back there). The percentages were far from 50:50 (and remember that every percent I lose is another to her, so with a seeming small increase, it becomes 2:1 easily).

So both places get evaluated, and added to the asset pool...the percentage applied...
* So I mortgage my place, to buy it off the asset pool.
* If I failed, I had 60 days to sell it.
(and another 2 pages of puntive clauses).

 

[CarLuver]

you say they can not afford to buy the other party out? if this is the situation, and the divorce is amicable, then its put up for sale and divvied up. or if they own it outright , then the other party can carry the paper if they want to do so.

if the divorce involves lawyers, and it goes to court the judge will decide what is done to it .

 

[loneryder]

You are asking for divorce advice on BITOG??

 

[JHZR2]

Probably a question for a lawyer in your state…