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Dividing family residence

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Anonymous Asked:

My wife is divorcing me and we need to divide the family residence. I would like to get the bank to assess the house and buy off her share. Can she refuse that offer and insist for the house to be put on the market and sold? If so, would she be 100% responsible for the real estate broker commissions/ my moving expenses?

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Andrew Heft
4 years ago

As co-owners of the house there are only three possible scenarios. Either you buy her out, she buys you out or the house is sold on the market.

In order for you or her to buy out the other you both need to agree on a sale price. If there is no agreement then those two options are not available and the house must be sold.

Technically you could not claim moving or other fees related to your relocation in such circumstances.

This is a simplification and I would recommend you consult a lawyer for help with negotiating any claims you could have and looking at more practical solutions to resolving this particular situation.

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