Q: My husband and I are getting divorced.Own home with renters who have lease.Does lease stand before we have to sell?
Lease is until 3/2025. I don’t want to evict them due to divorce and having to split assets.
A: The contractual right to receive rents will be marital property, which must be addressed specifically in the Divorce. Dealing with tenants, evictions, maintenance, and any other rental duty, must be expressed in clear terms as to who has authority and the duty. Also a potential term should be included about what will happen to any sale proceeds, or even an established minimum purchase price that allows the sale of the property at a certain time. Also someone has to pay the Note, taxes, and insurance.
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