It’s the most wonderful time of the year — and often one
of the most stressful. For some, the intensity of the season can spell the end
of a relationship. Divorce attorneys report a 30 percent increase in the number
of splits in January, following the holidays.
Many couples sign their leases together, creating a
contract that both must honor. As you decide who will stay in the rental home,
you need to update your lease documents to transfer or assign the lease to one
party. If your management company or owner will not allow you to remove your
name from the lease, ask your divorce attorney about a “hold-harmless” clause
in your separation agreement to indemnify you from additional expenses related
to the rental.
Even in an amicable split, you don’t want to be
responsible for a lease in a home where you aren’t living. If your partner
misses a payment or damages the home, you could end up responsible for those
costs. Security, pet and cleaning deposits should also be considered. It’s
worth deciding who will keep those funds at the end of the lease.
As you work to set up new accounts for cable, electricity
and other utilities, it will be easier if your name is not on the old lease. If
you are working with an attorney, be sure to ask these questions.
It can help to work through the practical issues and
agree on the basics to prevent future challenges.