Been united as a family
is a good development and for a couple to think
of buying a property together is an evidence of cooperation. However,
there might be problems with this
arrangement when the relationship turns sour. That is, when the couples separate
or divorce. The real life scenario below paints a
better picture of this situation.
Mr. Kingsley spotted a
property in a nice location. Suddenly his desire grew to acquire it. But he had
a problem: no enough money to buy it. He told his wife about it. The wife too
was excited and willingly brought out part of the money to purchase the
property. The title documents of the property had the husband’s name on it.
Many years passed,
there was not enough fund to carry out the kind of project they had in mind.
Meanwhile, at this time the land had appreciated so much that Kingsley was
tempted to think of selling it. Over the course of time, the family had had a
lot of problems tearing the family apart. In fact, they were no longer
together. So, when Kingsley ex-wife heard of the plans to sell the property, she
vehemently opposed it. As is common in Edo State, she wrote “this property is
not for sale, buyer beware” on the property. This angered Kingsley, who seemed to forget that
the property was jointly owned by them. The eldest son took sides with his
mother to fight against his father. For a long time now, the family had been in
and out of court because of this issue.
My
advice
In a situation like
this, Kingsley should call the family together and stop shying away from the
truth. In this case, they should discuss a workable sharing formula of the property
on sale.
The
Flip Side
If the above situation occurs
in a polygamous family, then it is a different ball game entirely. The fight
could turn violent.
THE BOTTOM LINE
Joint ownership of
property may not be for the best interest
of the family especially as the future of most families is
unpredictable. Besides, children could turn wayward later on.
Call 07031384722 for a conflict resolutiton.
View properties listed for sale here: www.facebook.com/propertytycoons
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