Real Estate Partnership with Ex Spouse

[Jennifer Hulse]

I'm divorcing my husband. We have a beach house in North Carolina that's under water to the tune of $150,000. A short sale is out of the question; we make too much money. A commercial broker and CPA friend has suggested that we create a partnership and keep the property until the market goes up. I've read articles here regarding the caveats in a "regular" partnership. Because I've been a stay at home mom, I'm on the short end of the financial stick, but have more time on my hands.

Our divorce has not been the most amicable, but we both agree that a partnership is probably the best way to avoid having to fork over $75,000 each if we sell it now. Dollar signs will beat out whatever hard feelings are left (I hope). I want to make sure I am protected financially and that I make the best decision for myself.

Thoughts?