View Single Post
Old 6th Nov 2018, 19:05
  #12 (permalink)  
ethicalconundrum
 
Join Date: Feb 2017
Location: Republic of Texas
Posts: 92
Simple answer: Put the keys to the flat in an envelope with a letter stating: Joint owners; John Smith and Jane Smith hereby give all interest in the property described as (legal description here) to debtor. We default our ownership, and claim no property ownership of said property on and after this date: 6 Nov 2018. Have a nice day. Signed _________.

Presumptions: Property was bought during the marriage, and neither party brought it in as an asset from outside marriage. Both parties contributed(not necc equal) to the payments, upkeep, taxes, use, operation, util, etc. IOW, both parties are bound by the utility and cost of the neg equity property roughly equally. Contra-Example: John and Jane a married couple own a garage at a race track where John keeps and maintains his track car for his exclusive use. Jane has no use or utility for said garage. John and Jane pay equally for the lease/mortgage, taxes, utilities, etc. Jane WILL have potential rights to increase in value, and NO exposure to the decrease value of the property once liquidated.

Likely outcome: Both parties will be jointing responsible for the liquidation costs of the demised property. Should one or the other assume or agree to accept indebtedness, the other party would be expected to make up the difference in liability. In the example above, in the case that the garage had lost 38k in value, and John agreed to accept the property, it is quite possible that Jane would owe John nothing. But - in the case where both parties shared equally in the utility, and finance, then Jane would be expected to give up half the decline in value in some other way. Could be cash money, or other property value differential.

YMMV, objects in mirror, contents have settled, pro driver on closed course, and may cause anal leakage.
ethicalconundrum is offline