If you and your spouse are getting a divorce and don't' want to sell your home, you could choose to rent it to another family and act as co-landlords. This arrangement is only recommended for divorcees that are in an amicable relationship and are able to work through the different situations that may contribute to the co-landlord process.
Some spouses are still able to work together in a business-type arrangement while others are unable to deal with these situations. If you choose to co-own your home, you will want to make sure that you are both in agreement about how payments will be made, who will take care of any repairs and maintenance that is requested, who will make contact with the tenants, who will deal with any other disputes that take place.
Co-Landlord Liability Matters
Also, couples will need to be willing to share the liability that comes with tenants, and need to be able to work together if faced with a lawsuit. If you and your spouse have a difficult time working together, then co-owning and managing property may not be the best idea. It will cause too much strife and may eventually result in lawsuits and other legal complications.
Make sure to discuss your property arrangement in detail with a Los Angeles family lawyer before committing to this arrangement. Individuals can also sell their home and divide the profits, or one spouse may choose to remain in the home while the other will get more monetary value in the property division.
Talk with a lawyer at Claery & Hammond, LLP to learn what is best for you in your divorce and to best facilitate a comfortable and easy living arrangement after the marriage has concluded. The lawyers at Claery & Hammond, LLPhave the experience necessary to help you work through a wide variety of different issues you may be facing.