Full question:
Our landlords have started filing for divorce. The current lease will be up in a month. We want to ask the landlords to mutually sign for an extended lease of one year. But, given the circumstances and the fact we feel our landlords are under financial hardship right now, could the extended year lease by terminated at any time based on a hardship clause derived from bankruptcy, divorce or any other reason deemed suitable by the courts settling the divorce claim? Are people divorcing in Ohio required to liquidate all assets such as a rental property?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: National
Answer:
Landlords receiving income from a rental property typically do not have that income discharged in bankruptcy. Instead, any loans against the property would be addressed in the bankruptcy process. In Ohio, which follows equitable distribution principles in divorce, property is divided fairly between spouses. Liquidation of assets is not mandatory, but some items may be sold to settle debts owed to the other spouse.
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