In New Hampshire, a divorced couple can continue to share a house or another major asset. New Hampshire is an equitable distribution state. This means that the family court must equitably, though not necessarily equally, divide marital property and assets upon divorce. A divorcing couple can decide that sharing certain assets, such as a home or business, would be the most equitable solution.
BENEFITS OF SHARING A MAJOR ASSET POST-DIVORCE
While sharing an asset after divorce won’t be right for every couple, you might find the idea appealing under certain circumstances. Parents who want to keep the family home intact may decide to share ownership of the property until the children are grown-up and move away. You might also determine that sharing the asset is more affordable than selling it and buying separate properties. If the asset is a business or an investment, you and your ex may want to continue sharing in the profits or avoid diminishing the asset’s value.
THE PITFALLS OF CO-OWNING A MAJOR ASSET AFTER DIVORCE
Sharing a significant asset post-divorce might be more trouble than it’s worth if you and your spouse do not have a cordial relationship. For example, co-owning real estate means that you both will be responsible for the property’s mortgage, taxes, and upkeep, and you will probably need to be in regular contact with one another. If disagreement or hostilities are likely to arise in most conversations, or you do not trust your spouse to meet their responsibilities, you’re better off avoiding shared assets. You should also avoid sharing assets if you believe the connection will prolong your emotional involvement with your ex and hinder you from moving forward.
HOW TO HANDLE CO-OWNERSHIP AFTER DIVORCE
An effective settlement agreement is vital to co-owning assets post-divorce with minimum strife. A skilled New Hampshire family lawyer can help you draft a fair, legally sound agreement that establishes the rights and responsibilities of each party concerning the assets and the types of recourse available if a party fails to uphold their obligations.
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If you are considering divorce in New Hampshire, consult the knowledgeable divorce attorneys of Tenn And Tenn, P.A. at 1-888-511-1010 today or contact us online for a consultation. We are ready to help you understand your options.