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Divorce & Real Estate
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Published on Mar 05, 2020
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PRESENTATION OUTLINE
1.
Divorce & Real Estate
Photo by
Hutomo Abrianto
2.
What We'll Cover
Types of co-ownership
Spousal rights to real property
Division of property
Agent duties & obligations
Photo by
woodleywonderworks
3.
Co-Ownership Interests
Photo by
seanmcgrath
4.
Tenants in Common
Two or more owners
Undivided, equal interest
Rents & profits
Partition
Photo by
Yoann Boyer
5.
Tenancy by the Entirity
If owners are married, presumed unless otherwise stated
NOT 1/2 interest...each by the entirety
Right of survivorship
120 hr rule
Photo by
Christiana Rivers
6.
Non-Marital Survivorship
concurrent life estates in the two grantees as tenants in common, with a contingent remainder to the survivor
Photo by
Adam Griffith
7.
Transfer on Death Deeds
designate a beneficiary or beneficiaries who will acquire title to specified real property on the individual’s death.
Photo by
Rhodi Lopez
8.
Estates in Land
Photo by
A Guy Taking Pictures
9.
Fee Simple Absolute
Photo by
archer10 (Dennis)
10.
Life Estates
Duration limited by life of some person
Alienable
Photo by
Ajith (അജിത്ത്)
11.
Other Types of Fees
“. . . to A for so long as the property is used for school purposes, but if it ceases to be used for school purposes, then the property reverts back to the grantor.”
[Fee simple defeasible / fee simple subject to condition subsequent]
Photo by
blavandmaster
12.
Reversion
“. . . to A for life.”
If the grantor does not deed the future interest to a third party, then it is deemed to be retained by the grantor.
Photo by
Gunnar Wrobel
13.
Remainder
“. . . to A for life, then to B.”
B is an identifiable person and A’s interest is certain to end, so B has a vested remainder.
Photo by
Alexander Andrews
14.
Adding Partners to Title - Pitfalls
Mortgage with a due-on-sale
Title Insurance
Tax Consequences
Owner w/o mortgage obligation
Photo by
angela7dreams
15.
Rights During Marriage
Power to convey interest
Grantee subject to right of survivorship of remaining spouse
"Subject to defeasance by his death prior to that of his cotenant."
Photo by
sickmouthy
16.
Community Property v. Equitable Distribution
Photo by
Naomi Hébert
17.
Equitable Distribution
Current earnings
Future potential earnings
Value of stay-at-home spouse
Photo by
bark
18.
Distribution of Assets
Martial settlement agreement
Judicial court order
Photo by
Tierra Mallorca
19.
Practical Considerations
Buyout of spouse's interest
Refi with one spouse only
Short Sale
Empty house stigma
Photo by
aha42 | tehaha
20.
Agent Issues
Client conflicts
Confidential information
Photo by
Austin Distel
21.
Kevin Harker
kevin@harkerlepore.com
Photo by
Luigi_Alesi
22.
Options
Sell and divide proceeds
Buyout
Defer sale
Photo by
Eric Ward
23.
Considerations
Check ownership/title & court order
Provide same advice to both parties
Stay neutral
Remind parties of the value of cooperation
Refer to experts (tax specialists, attorney)
Photo by
Cathal Mac an Bheatha
24.
Removing/Adding Parties to Title
Review mortgage/deed of trust
Verify no impact on title insurance
Consider potential tax consequences
Photo by
Alex Iby
25.
Quitclaim Deeds
Quit Claim
Quipclaim
Photo by
Trey Ratcliff
Kevin Harker
Haiku Deck Pro User
http://www.calaw.attorney
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