Can I Sell Jointly Owned Property Before the Divorce is Final?
Full Question:
Answer:
Property gifted to a relative only and not the relative’s spouse is generally considered separate property of that relative in that relative’s marriage. The answer will depend on whether the property was gifted to only the wife and whether the owners were named as tenants in common or joint owners with right of survivorship. If the vehicle title says 'person 1' OR 'person 2', either party can sell the property without the other’s signature. Joints tenants must all consent and sign off on a sale, whereas a tenant in common may separately sell their interest, without the consent of the other owner, but may then be liable to the other owner for the value of their interest. Typically, the other party will request a restraining order to prevent dissipation of marital assets. The answer will depend on all the facts and documents involved, but consequences may range from a refusal to register to a lawsuit to recover the value of the ownership interest improperly transferred.
A bona fide purchaser is commonly referred to as a BFP in legal and banking circles. A BFP is a person who has purchased an asset for the stated value, with a honest belief that the seller had the rights to make such a sale. A BFP is unaware of any fact which would cause a reasonable person to doubt on the right of the seller to have sold it in good faith. This is relevant in the situation of a seller without good title to an item who sells the item to a BFP and the true owner later shows up to claim title. In this situation, the BFP will be able to keep the asset, and the real owner will have to look to the fraudulent seller for reimbursement.
