swyman
New
Reged: 05/15/08
Posts: 1
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Can someone answer a simple question...what if one spouse wants to sell a property now in this terrible market while the other doesn't. Ultimately how does this get decided?
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germangirl631
Platinum
Reged: 04/04/08
Posts: 876
Loc: NJ
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If you can't come to an agreement, a mediator or a judge will have to get involved.
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mrpat
Platinum
Reged: 09/12/07
Posts: 2618
Loc: Michigan
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At that point if you want to keep it you must buy out the other party.
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People don't care how much you know.........until they know how much you care.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 705
Loc: PA
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[quote]At that point if you want to keep it you must buy out the other party. [/quote]
cheaper too!
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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EZmark
Platinum
Reged: 06/04/07
Posts: 292
Loc: Florida
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Motion for partition gets filed. You present arguments for sale now against holding. Motioner gets high appraisal (attach to motion), other side gets lower one. Arguements strictly financial, hard numbers projections, the appraisor and an accountant will be necessary to show to the judge projections and charts. Most compelling is if the holdout party can't afford to keep it. The asset almost always goes with any attached liabilities, even to a mother! Encumber the property as much as possible and they won't be able to afford to keep it. They'll lose it even if they get it in court and you can buy it back for the liability. One side can buy the other out, seller quit claims to buyer and buyer holds property. Buyer can HELOC for buy out funds if can afford payments. Other equities can be traded by one who wants to hold. There is no compensation for loss of investment, loss of income, alternate housing expenses, etc. unless in Calif. see Bernstein credits. I'm no lawyer, consult one that deals with Real Estate as well as divorce.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 705
Loc: PA
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[quote] Encumber the property as much as possible and they won't be able to afford to keep it. [/quote]
what does that mean?
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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Jada
Platinum
Reged: 06/02/07
Posts: 3241
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[quote][quote] Encumber the property as much as possible and they won't be able to afford to keep it. [/quote]
what does that mean? [/quote]
It basically means cheat the other person.
And if the judge views it as deliberate, then the person creating all of that debt just may end up with all of that debt while the other party keeps the asset.
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EZmark
Platinum
Reged: 06/04/07
Posts: 292
Loc: Florida
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I never said cheat anyone. Reality is justice can be served by creating facts as much as dictated by a disinterested party after a five minute "hearing". Cheating would be a judgement call and Jaded's judgement is biased and clouded.
Clearly creditors will foreclose on a property if the encumbering debt is unpaid, regardless of whose column a judge has placed the debt in. And the person who wanted something for nothing that they did not deserve and could not afford would get what they wished for and what they deserve.
It's been said here many times about keeping the property, not always a smart move. Don't worry about the judge, 98% of the time never gets to the judge anyway.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 705
Loc: PA
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[quote]
It basically means cheat the other person.
. [/quote]
ok i'm not getting it..do you mean put in a new kitchen, buy a new pool etc? I know you cant get another mortgage without the co-owner signing so you dont mean that. I just cant figure out financially how you can add more debt to a house. Maybe putting on a new roof and sticking the roofers with the debt?
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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germangirl631
Platinum
Reged: 04/04/08
Posts: 876
Loc: NJ
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Oh, you can get another mortgage (2nd mortgage) without the other person signing. I have a 2nd mortgage in my name only since the stbx's credit is trash and he would have hurt us in interest rate qualifications. Now, he knew about the 2nd mortgage since we took it out to keep his floundering charter business afloat. He asked for the divorce 2 months later. a$$.
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