How to handle divorce?!

[Alex Lee]

Hi all-hoping for some help on this one. We have a SFH rented to a young recently married couple for the past 7mo. They have always paid on time. The wife has a great credit score (700+) and always makes on time payments. The husband has an ok score (600-650). All my communication has been with the wide. Recently she has informed me they are getting a divorce and she wants to leave while the husband wants to stays. There are 5 more months left on the lease.

In speaking with her, it sounds like they are not on good terms at all.  He’s wanting her to still split the rent payments with her, and he will stay while she moves out.  She told me she just wants to move on, so is ok with giving me her Half of the rent for the remainder of the lease and she’ll simply move out.

So what are my options here?  I genuinely feel bad for the woman - doesn’t seem fair to take half her rent while the man stays and she leaves.  But she says she’s ok with it.  Based on the man’s monthly income, he should be able to make the payments as he makes 3x the full rent.

My thought is to create a new lease for just the man, for the remainder of the 5mo, and in it, state I have already received half the rent and he is responsible for half the rent each month.

Thanks in advance for the input! 

[Travis Timmons]

I'm not sure if there are seasonality or other factors that would make it difficult to rent, but if it were me, I'd offer to let them out of the lease free of charge as an option. I'd word it something like, "I realize that you guys have a lot to sort out, so if it makes it easier, you can break the lease without penalty." I'd rather find a new tenant than be stuck in the middle of divorce dispute.

The new 5 month lease for 1/2 the amount is a good idea too. Offer a few options that you are comfortable with and let them choose. I just like the idea of getting out of it altogether. As a divorce attorney friend of mine says - "You don't truly know someone until you go through a divorce with them." It gets ugly and is one of, if not the most, financially devastating events for most people. If you get out of being in the middle of that, it is not a terrible idea.