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Hello
My wife and i own a 5 plex in california. I live in one of the units. We have been seperated for 4 years and are just now getting things rolling in terms of divorce. We parted amicably and have pretty much figured out who gets what the remainder is jointly accessible in the 5 plex, eg furniture that comes and goes etc. We are joint tenants on the rental property and wish to keep it as it is.
My question is what happens after we divorce, if either of us die, in regards to survivorship and also in regards to taxes, both in the initial stepped up basis and if either of us decide sell?
By the way she is a us citizen and i am not yet.

sara · Posted: Wed Jul 07, 2010 2:13 am Post subject:

Hi BERNARD,

If both of you own a property as joint tenants with rights of survivorship, then after the death of one of the owners, the other will become the sole owner of the property automatically. If both of you decide to sell off the property, then the mortgage dues will have to be paid off first. If there is a remaining amount resulting from the sale proceeds, then it will be divided between both of you.

Take care.

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