Q: Is it possible to keep co-owning a house while applying for marriage dissolution in Ohio? Thanks!
Me and my husband are filling for marriage dissolution, and we agreed on everything and want to keep the house in both names, as it is, and use the property as a rental home. While filling for it, there's no option to "co-own" the property, but I read in some articles online that this is a possibility.
A:
Generally speaking, the purpose of terminating your marriage is to disentangle you and your spouse from one another, including mutual obligations related to the ownership of a home. Additionally, continuing to co-own a home after the termination of your marriage (even if through a dissolution) can open up a host of pitfalls and liabilities including but not limited to negative impact on your credit if payments are missed, the issues that arise if the spouse who retains the property defers maintenance or fails to pay utilities, taxes, and insurance and the list goes on.
While Ohio law requires the court to divide all property, it is not against Ohio law for a separation agreement incorporated into a Decree of Dissolution from awarding the marital residence/investment property to both parties. However, unless there is a very good reason for it, it is not advisable.
I would strongly urge you to seek counsel before attempting to navigate the process on your own.
Disclaimer: The information provided in this response is for general informational purposes only and does not constitute legal advice. Although I am an attorney licensed to practice law in Ohio, this response does not create an attorney-client relationship. You should consult with a qualified attorney for advice specific to your particular situation. The law is constantly changing, and I make no warranties or representations regarding the accuracy, completeness, or adequacy of the information contained herein. If you have any legal questions or concerns, please contact a licensed attorney in your jurisdiction.
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