Is it possible to arrange a SA to say that the wife and children would stay in the home and the house would go on the market at a set date in the future (ie. July 2016)? We have just separated so assuming we will divorce sometime in 2013, could we build into the SA that the house remains our joint property until we sell in 2016 and then split the profits? Would the deed need to be changed to indicate we are not husband and wife?
Help - Anyone?
You could definitely agree to do that, but you should consult a tax attorney or CPA to make sure the agreement will not create any adverse tax consequences.
Make sure you think this through…
Lots of issues…if she’s living in it, she’s responsbile for care and upkeep of home. What measures will be in place to see that maintenance doesn’t fall by the way side and devalue property? Who is to pay for repairs? Lots of costs associated with a home and keeping it up…what if AC breaks? Roof leaks? Tree falls on property? Once the home has to be listed, your ex will be doing all the work to clean up the house, make repairs and keep it clean for showings. How will you handle this? Will she get compensated for her extra work?
This sounds very messy and there’s no way to predict all the issues that will arise with joint ownership for so long.
Yes you are absolutely right, it’s a sticky situation. One one hand, we can decide that the house is mine (I am wife) and split all assets with that in mind, but then I am on the hook for all repairs and maintenance until I sell it, and since I make 35K to his 85K, any major repair would be a big issue for me… so I wanted to mitigate that risk by looking at the house as “the kids house” in which both he and I support and work to maintain and repair until we sell, but that wouldn’t be until 2016 and we want to divorce before then. So I am trying to figure out a way work into the SA that we both are on the hook, so to speak, until we decide to sell it, even though we may divorce in 2013. Too many things to think about… my head hurts…lol. FWIW, we have been together 20+ yrs and have a very civil, no-drama separation so far, and it seems we can work together as we figure this out, so although it may seem weird to others, this type of arrangement could conceivably work for us.
thanks for your input, any more would be appreciated.