Q: My husband and I wish to remain co-owners on the tiles of the mortgaged properties we own after divorce?
We have an uncontested divorce (dissolution) filed for Cuyahoga County, OH. We own two mortgaged properties in which we are both on the titles. I do not make enough money to buy out his interest in either property, nor do I earn enough income to qualify for refinancing on either property. He agrees to pay the mortgage on both for the time being until I'm able to refinance my home. He lives in the marital home. I live in a secondary property with our two sons. We don't want to sell either property at this time and wish to keep them for our children for the foreseeable future. Please advise.
A: Your property agreements can be made a part of your divorce decree through a separation agreement. While everyone is playing nice this sort of thing is easily resolved. But you should both be aware that anything you put into a court order can be enforced by the other party so you may want to be more specific than until you are able to refinance. He might get sick of paying it and want you to refinance as soon as you can when waiting would make more financial sense for you. One of the reasons people work with lawyers on this stuff is that it is our job to see possible futures you may not have considered. For example, have you thought of a provision for what would occur should his income suddenly be reduced to the point where he can no longer afford the payments? Would you sell? Would try to contribute? If you did sell, how would you divide any proceeds?
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