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.
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 LINEJoint 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.
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