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Dividing a House

David Siegel: Sure.

Jesse Barrientes: It can either be sold, one person can buy the other person out, the other person can buy the other person out. As you know there's a global market today, so it's difficult for a sale to occur. If one person can buy the other person out, it is a great benefit to be able to do that. That's the other thing that kind of has to be divided up, and in terms of the terms that go in there, we can talk about a whole bunch of things. For example, it might be sold in the next three years, and give the spouse who has the kids a chance just to live there until that time comes up there. Generally, the property's conveyed in tenants by the entirety. That's a form of joint tenancy with the right of survivorship. That means that if the one person passes away, it automatically passes out of probate. You don't have to file anything in court with those folks, okay?

David Siegel: Right.

Jesse Barrientes: So if that's the case where everything's done, and it's going to be for a few years, you want a provision in your agreement that says, that severs that joint tenancy and makes it a tenancy in common. That means you're still entitled to whatever percentage that is if we take 50 percent. That means I would still be entitled to that, and I could give it to my heirs, and will it, and deed it. That's very important. You also want to have a step down process in terms of the selling formula, where you're going to start a ceiling, and a basement, and how much you're going to reduce it.

David Siegel: And very importantly, who's going to continue to pay the mortgage, taxes, utilities, and insurance while it's being listed. Are both parties living in the property to save money? That has to be allocated too in the judgment.

Jesse Barrientes: That's absolutely correct.

David Siegel: Have you seen cases in Chicago where this isn't happening properly?

Jesse Barrientes: There's always cases. That's why it's very important what's drafted in the agreement. That's why it has to be detailed. That's why I think you mentioned that it's like 15, 20 or 30 pages.

David Siegel: Right. Sometimes somebody moves out and they don't want to contribute anymore.

Jesse Barrientes: That's true.

David Siegel: Okay. Well we've handled quite a bit about judgments, and the real estate property, and the maintenance, and division of debt. We'll see you next time on Legal Action.

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Entitlement to maintenance

Division of property

How property is divided