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CatDogMom

Divorced and Now Have to Sell My Home

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I am recently divorced. During our settlement, my ex-husband demanded that I sell my condo, which I purchased when I separated from him. He will not get any profit from the sale of my condo as he did not contribute in any way to the purchase, but his name is on the deed as per Texas law as we were legally married at the time I purchased it.

 

Is it possible for me to sell my condo to my best friend for a small amount, say $100, and then rebuy my home from her?

 

I am not eager to move just yet and I have to officially list my condo with a realtor by August 1 of this year. But my ex-husband, as per our settlement and divorce decree, is not able to deteremine the price or make any other decisions about the sale of my home. He will have to sign papers at the closing however because his name is on the mortgage (never paid any money on it though - just required by Texas law) and on the deed.

 

Is it possible for my best friend to buy my home and then sell it back to me?

 

Thanks for any help you can offer me! 

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Your condo is very likely community property and, as such, your ex is entitled to half the proceeds regardless of how much or how little he put into it.

 

If you try to finagle what you suggest, the court will come down on you hard.

 

I'm guessing you got divorced without a lawyer if you let that condo thing get by you. A lawyer probably could have negotiated a quitclaim deed in your favor based on the circumstances.

 

Get a lawyer now and see if you can do damage control or resign yourself to buying your ex's signature on a quitclaim deed for half the equity you had in your condo at the time of your divorce decree.

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Never mind that the condo is almost certainly community property (you don't reveal the details of the purchase so we won't go into that) and therefore it would be rash indeed to assume that your husband wouldn't get a share of the proceeds from the sale.  What makes you think he'd consent to your selling it for $100?

 

Even assuming the sale goes through, the court is likely to recognize the undervaluation of the property as a bad faith effort to violate the spirit if not the letter of the court order, and sanction you accordingly.

 

Furthermore, once you sell it, after closing it will be the property of the buyer and there is no legal way to force him or her to sell it back to you for the same price they bought it for, or even sell it to you at all.  You may think you know this person well, but are you willing to take that risk?  Any number of people could be advising your friend to hang on to the property, or at least earn a tidy profit on the resale.  A condo for $100 is a mighty tempting prospect to anyone.

 

This whole idea looks half-baked at best and very poorly thought out.  I strongly recommend you discuss your options for the sale (or for renegotiating the section of the divorce settlement that requires the sale) with a local divorce lawyer.

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On 6/24/2018 at 2:23 PM, CatDogMom said:

I am recently divorced. During our settlement, my ex-husband demanded that I sell my condo, which I purchased when I separated from him. He will not get any profit from the sale of my condo as he did not contribute in any way to the purchase, but his name is on the deed as per Texas law as we were legally married at the time I purchased it.

 

Is it possible for me to sell my condo to my best friend for a small amount, say $100, and then rebuy my home from her?

 

The answer to your question is yes (at least in theory, and assuming your best friend will cooperate), but there are several questions.

 

First, why would you do this?  You told us that your ex-husband "demanded that [you] sell [your] condo," but so what?  Does your divorce decree contain any requirement that you sell it?

 

Second, if the issue is simply getting your ex's name off the title, all that needs to happen is for him to deed his interest to you.  The notion that you'd need to sell it is silly.

 

Third, why would your ex demand this?  So what if his name is on title?  That's your problem, not his.  I assume the real issue that he is listed as a borrower on the mortgage and wants off the mortgage.

 

Fourth, why on Earth did your husband -- from whom you were separated at the time -- agree to become liable on the mortgage?  If I were in the process of divorcing my spouse and this sort of request were made of me, I would vehemently refuse (as would any sane person).


As noted above, if the real issue is that your ex wants to be off the mortgage your suggestion about "selling" the property to your best friend won't solve the problem.  Your ex's name will remain on the mortgage until and unless the mortgage lender releases him from the mortgage, and that's not going to happen unless you completely pay it off or refinance in your name alone.

 

I assume you didn't do any of this with a lawyer's advice.  I suggest you not compound your mistakes and now consult with a local attorney ASAP.

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