Homes in a divorce
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Homes in a divorce
My wife asked for a divorce. We have 2 homes in our names with 2 mortgages also both in our names. We’ll call it house A is currently rented and house B we currently live in. I want to keep house B and give our tenant notice and my wife can have house A. House A is worth less but also comes with a much smaller mortgage and property taxes than house B. The debt to equity ratio is pretty close wity both houses. Would this be possiblity if we both agree on this?
Asked on May 11, 2019 under Family Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If you both agree to it, it's essentially a guaranty, not merely a possibility, unless in reviewing the agreement, the court believes that one of you defrauded the other (e.g. lied about the relative house values) or coerced (e.g. threatened) the other to enter into the deal. When there is no fraud or coercion, whatever the two of you knowingly and voluntarily agreed to is valid. Since based on what you write, what you proposes appears equitable (and thus like a deal that a reasonable person would enter into), there does not seem to be any reason for a court to not conclude that the deal is a voluntary or knowing one, unless your wife were to in court allege fraudulent or coercive behavior.
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