We’ve been separated for 6 months and what used to be our marital home (which I am living in with our 2 children) is now for sale. In the event that it doesn’t sell, what happens:
- Can we continue to jointly own this property with the intent of re-listing it in the spring when the real estate market has improved?
- Could Ibuy him out using a QDRO from my 401k for half the equity (appraised value less owed value)?
The mortgage is in my name only but the deed is in both our names.
What would be the recommended course of action?
You may continue to jointly own the property while it remains on the market, as for distribution, you are free to agree to whatever distribution scheme you come up with.
My stbx wants to take it off the market and wait until next spring to re-list it. In this case, we would jointly own the property even while divorced and my name would be the only name on the mortgage. This does not feel right to me as i am paying the mortgage for a solid year and bear the expense alone while he shares in the eventual proceeds. I am also doing all the work in terms of getting it ready to sell and keeping it clean for showings. My vote is to lower the price so that it will sell now but he disagrees and it takes both of us to agree per our realtor.
Would you recommend lowering the price or continuing to own the property and trying to sell again next year?
This really depends on the market conditions. I suggest you ask your realtor.