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?

[Kama Ward]

DO NOT DO IT!! Cut your losses and move on. Your friend is well meaning, but there is so much that can go wrong. I have seen this many times and it has never ended well. There's remarriage, disability, drugs, just plain meanness and revenge.
You are going through a hard time. Pay the price of the hard time now- don't try to hide the cost until later.
You are going to lose $75k now. Trying to POSSIBLY save $75k in the future will in no way be worth the stress and worry of going into a business partnership with your ex spouse!!
The people who I have seen win in the long term take their medicine and learn from it. The peace of mind will allow you to earn more money working toward the good of the future, not minimizing past losses. Rip off the band-aid!