Co-parenting is when two individuals share the duties of raising a child. This term typically applies to individuals who are separated, divorced, or otherwise not in a relationship.
One of the most emotional issues in a divorce is often what happens to the family home. The typical options include:
- Selling the home;
- Arranging for a buyout, where one spouse purchases the other’s interest in the home; or
- Continuing to co-own the home.
If the individuals cannot decide what to do with the home, the court will do so. In most cases, the court will not order couples to co-own a home after a divorce unless they agree to do so.
This means that, if the couple does not agree to co-own the home, it will be sold and the proceeds will be divided according to the property division laws in the state. There are some situations in which it may seem like a good idea to continue co-owning the some, such as when:
- There are children still living at home;
- The market is bad;
- The couple is underwater on the mortgage;
- Neither spouse can buy out the other;
- The parties would like to keep the home as an investment.
If there are young children and one of the spouses remains in the family home, co-owning the home would allow the children to remain in the home they are used to and maintain stability during what is an upheaval of their lives.
Should I Have a Co-Parenting Agreement?
It is important for individuals to have a co-parenting agreement or parenting plan. It may also be referred to as a custody agreement or a parenting time arrangement.
These agreements are commonly used in cases involving:
A parenting plan is an agreement that outlines the duties and responsibilities of each parent in raising their children as well as the schedule they will follow. Any determination of child custody in a family law case will result in a parenting plan.
These plans help all of the parties understand what is expected of them and may alleviate some of the conflict that often arises in separations. It is important for every child to have stability.
A divorce can interrupt even the most regimented schedule. A parenting plan can help offset some of these negative effects the situation may have on the child by providing them with a predictable visitation schedule.
This type of plan is composed by the parents themselves, the attorneys involved in the parents’ divorce or separation, or the court. They may be created and implemented even if the state does not require one during a divorce.
The plan may be as complex or as simple as the parties involved want it to be. The parenting plan must be drafted and signed by both parents and then presented to the court for approval.
What Considerations Arise with Co-Parenting Shared Property?
There are some important considerations that arise with co-parenting and shared property. Typically, shared property will be the marital home.
However, it may also include other properties, such as vacation properties or rental properties. Important issues to consider when deciding to share property while co-parenting include, but are not limited to:
- Both parties will still be required to pay the entire amount of the mortgage;
- This means, if one spouse fails to make their payment, it will also be reflected on the other spouse’s credit report;
- It requires detailed accounting to avoid any financial or tax-related disadvantages;
- These include upkeep expenses and which party will take the mortgage interest tax deduction;
- It will require more interaction with an ex-spouse;
- However, if ex-spouses are co-parenting, that will likely require a lot of communication anyway;
- An individual’s ex-spouse may change their mind and want to sell;
- One way to avoid conflicts is to outline in the agreement when the home can be sold; and
- It requires additional, careful estate planning;
- The ex-spouses may want to consider including provisions in their wills that leaves their share of the home to the other ex-spouse, especially if they have agreed the children will live there until a certain age.
What Are Some Tips for Successful Co-Parenting with Shared Property?
There are ways parties can help themselves successfully co-parent and share property, if they decide that is the best choice for their situation. One of the most important tips is to practice clear, effective, and respectful communication with one another.
Odds are, both parents just want what is best for their children, even if they do not agree on exactly what that may be. If there are major issues that arise, the parties can use mediation as a way to facilitate an agreement.
The most important steps the parents can take is to always put their children first and ensure they are planning for the needs of their children. This will help ensure a smooth and amicable co-parenting relationship.
What Are Some Important Legal Aspects of Co-Parenting and Shared Property?
With parenting plans, parents make decisions together and include any other specific issues that may be pertinent to their children, so long as they agree upon the terms. Once this plan is written out, the court will review the plan using the best interest of the child standard, and base its decision on the needs of the child.
Once the plan is approved by a court, it is enforceable under the law. This means that there will be legal consequences for violating the parenting agreement, subjecting a party to court fines or other penalties.
If an issue arises and one of the parents is not able to follow the plan or the arrangement no longer works for the parties, there are procedures for modifying the court order. The party or parties may petition the court for a modification and present evidence to show why it is necessary.
There are many important legal considerations related to shared property. It is common for spouses to hold title as joint tenants with the right of survivorship.
This means they both take title at the same time and own equal shares. If a joint tenant passes away, the surviving tenant will receive the deceased’s share.
This method may also be referred to as tenancy by the entirety in some states. It is important to note that spouses who acquire property in a community property state, such as California, Louisiana, or Texas, can take title as community property.
These may be legal issues that arise with sharing property after divorce or co-owning a house after divorce. If one of the ex-spouse’s financial troubles causes them to end up filing for bankruptcy, the other spouse may be left paying the entire mortgage.
For some individuals, paying the mortgage alone is a financial burden that will be too much and may lead to foreclosure of the home. Foreclosure can ruin credit and make it nearly impossible to buy a home in the future.
It is very important for an individual to consult with an attorney in their state if they are planning to co-parent and share property. Their lawyer can advise them of all of the applicable laws, potential issues that may arise, and legal remedies that would be available.
What Are Some Lessons to Keep in Mind When Co-Parenting and Sharing Property?
Successfully co-parenting and sharing property can have an extremely positive influence on an individual’s children when they are going through a difficult divorce. Maintaining stability and comfort will help any child feel less vulnerable and alone.
If an individual has friends or loved ones who have gone through the same process, they can consult with them for tips and advice on navigating this time in their lives. An individual can also consult with a professional, such as an attorney or a therapist who can provide them with advice that will make them feel more secure during the process.
Should I Contact an Attorney?
If you are considering co-parenting or sharing property or are already doing so, it is essential to consult with a family lawyer who can provide you with advice and guidance to make the process as easy as possible for all members of your family. Co-parenting and sharing property can be a great situation for your children, as they will feel more stable and secure.
It is important to remember to be as cordial and respectful as possible to your ex-spouse and remember you are doing these things for your children. Your children will also learn from you and your example, as you show them who you are placing another’s needs before your own.
