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  1. #1
    Join Date
    Nov 2004
    Posts
    11

    Default Keeping the home?

    Great idea, love the forums!!

    Ok...My wife and I recently seperated and are trying to understand the ramifications of same. We have a verbal agreement of asset and liability distribution but have no idea what the longer term ramifications especially as I recently discovered that Florida does not honor seperation agreements.

    Our primary concern of course is the house and we have both agreed that it would be unwise to sell at this point, both in terms of the market, our recent refinance to reduce debt and the neighborhood remians one in which we agree is best for our daughter.

    I am paying the entire mortgage, half of our outstanding debt and no child or spousal support. We want to continue to build equity as we go. This arrangement terminates should she decide to move inwith another partner away from the residence at which point we will either sell or take on a tenant.

    My question is this. Can we hold title jointly even though we are divorced? Is this a even a legal agreement in the state of Florida. Do I need to consult with a tax and or property attorney fast??

    Any help understanding this process is greatly appreciated and as I said before. Great idea with the forums!

  2. #2
    Join Date
    Sep 2004
    Posts
    758

    Default Joint Title to Property

    It is common for people who aren't married (and aren't interested in marriage, or even eligible for marriage) to hold property together. People and companies hold property for business purposes, siblings or a parent and child may share title to a property, etc.

    However, the manner in which property is jointly titled can have significant legal ramifications, and joint ownership can complicate mortgage interest deductions where the payor doesn't use the home as a principal residence. It would make sense to discuss your situation with a property law attorney, preferably one familiar with family law issues, to discuss how to protect your financial interest and tax deductions, while ensuring that your other wishes with respect to the use of the property are protected.

  3. #3
    Join Date
    Nov 2004
    Posts
    11

    Default

    Thanks Aaron!

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