Can you divorce and keep property together?

Are you separated and unsure about how to go about divorce proceedings whilst still living in the same property? Keep reading to find out more.

It is definitely possible for parties to keep a property together after divorce. However, the theory behind property settlements or financial separation is finalisation. Ideally, after separation and/or financial settlement, the parties would not have any joint assets or joint liabilities because they often cause problems.

However, if parties are interested in keeping properties together, property titles must be transferred. To affect and facilitate the finalisation of the financial affairs, property titles must be changed from ‘joint tenants’ to ‘tenants in common’.

‘Tenants in common’ is an alternative route regarding property settlement, where parties have specific shares in the property, these shares are kept separate.

We had a matter where the parties decided to keep their joint property together and adjusted their title from joint tenants to tenants in common. They kept their investment property in Sydney as they both had 50/50 shares of the property, and finalised the property settlement for the parties. Not surprisingly, this ended in another conflict between the parties because a marital relationship is quite different from being just co-owners of a property. However, their conflict became a matter for civil jurisdiction after the separation, property settlement, and financial separation was completed.

If you are interested in keeping a joint property with your ex-partner after divorce or would like to speak with a solicitor about your potential outcomes, call (07) 2113 4645 to schedule your initial consultation.