Divorce Aftermath: Selling the Apartment

A long time ago, in September 2005, we bought an apartment together.
In our divorce agreement we agreed to put it up for sale immediately, but until it sold my ex could live in the apartment.

Yesterday my ex called me to ask if it would be okay to delay the sale of the apartment. She gave these reasons:
1. She said at the moment no one is interested in buying the apartment.
2. She doesn’t think the children should go through the moving process “after everything they’ve been through”.
3. She can’t find an apartment that she likes
4. She can’t find an apartment that has as many rooms as our apartment has.
5. She can’t find an apartment that has room as large as our apartment has.

I was surprised when she made the request because I’d heard through the grapevine that she already chose a place to move into and she was just waiting for the agreement to do so. Also, she and her lawyer pushed for the most of the provisions in the agreement about the apartment, so it didn’t seem like she was eager to stay.

I didn’t see a problem with her staying in the apartment for a while longer, so I told her I’d think it over.

I called my lawyer to see if there were negative implications to allowing her to stay longer. My lawyer said there are. There are 3 options:
1. We sell the apartment immediately and split the net (as specified in the agreement)
2. She buys my portion of the apartment and lives there as long as she’d like
3. She gets her lawyer to write-up an agreement that extends the term from “immediate” to “one year”.

My lawyer seemed to imply that extending it beyond a year wouldn’t be in my best interest. I’m not sure why an extension of two years would be worse than an extension of a year. I do fully recognize the need to formally document

I tried to come up with a solution to this problem.

Today I called her up to discuss what I thought of before going to my lawyer with it and she suggested it might be better if she buys the apartment from me. I don’t know if she realizes all the ramifications of doing that, but that would certainly be a better option for me!

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6 Responses to “Divorce Aftermath: Selling the Apartment”

  1. baruch Says:

    To really judge we need more details, exactly how big is the apartment and how many will be occupying it..? is there a mortgage or some type of rent involved? It seems it would be in good interest for your ex to stay there.

  2. Kernut the Blond Says:

    If she can buy out your half, isn’t it just like selling it to someone else? At least as far as your interests are concerned.

    • alarbean Says:

      If she can afford to really buy out my half it would be better than someone else buying it. From the few details I’ve heard so far there are far fewer expenses to transfer the deed to her name. The other advantage is it’s better for the children if they live in a comfortable, routine place. Also, if their mother isn’t frantic and anxious they’ll probably have a better childhood.

      However, it remains to be seen if she can really afford the apartment.

  3. Wicked Shawn Says:

    If she is offering to buy out your half, take her up on it and encourage her to seek financing, but make sure you have your attorney draw up an agreement stating the terms, which will be necessary for her to get financing anyway.

    • alarbean Says:

      I’m not sure what you mean by “an agreement stating the terms”. Do you mean the terms of the sale?
      I definitely plan to have my lawyer involved in the process, because I’m too close to the situation.
      I hope she can get a mortgage.

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