Divorce question in regard to division of asset.?

Question

I own a small condo and if I were to sell it right now I would loose my money and I would owe the bank couple thousand at the closing. So would I have to sell the condo? How would I split the condo since there won't be any money at the closing.

Answer 1

You don't have to sell the condo, but you may have to pay your wife half of the condo's value minus the amount of what is due on it.

Answer 2

You can't sell your condo until your divorce is final because during a divorce you are not allowed to sell/attain any new assets.

If there is going to be no money in equity and you can afford living in it by yourself the judge may just give you the condo free and clear because there is no money to divide from its sale.

All you need to do is tell the judge your situation with the condo and that selling it now with the market and the current value of the property would actually cost you money and you will need to prove there is no equity in it to be dispersed.

Good luck.