Divorce And The Rental Lease
Sometimes, relationships fail. Couples break up, and marriages end with divorce. This could lead to problems for you as a landlord. Talk to your tenants if they are moving out. Keep the following in mind.
The lease
They have access to your property
The income of the remaining tenant
It is important to be objective and neutral when your tenants are going through a divorce. You don't want to get caught up in the drama between the tenants. This is not only for your benefit but also for your legal rights. Consult your lawyer to minimize your risk.
How To Manage The Lease
Both parties must sign the lease if they want to continue paying rent and maintaining the property after the lease ends. You can create a new rental agreement if you decide that one of your tenants will be staying at the property. However, you should consult a lawyer before you end your lease. Divorces can be messy, and you should protect your rights if one tenant files a claim against the other.
Both Tenants Have Access To The Property
Both parties can still access the rental property unless you have a new rental agreement in place or restraining orders. Either you or your tenant cannot change locks to prevent the other party from entering.
Keep In Mind Your Income Requirements
Before you signed the lease, you likely looked at the couple's combined income to determine their ability and affordability to pay the rent. The one remaining may not be able to pay the rent on their own. You can ask for a cosigner if you are drafting a rental agreement and discover that the tenant isn’t financially able to pay the rent. If they are willing, the cosigner could be the tenant who is leaving. If they are not listed on the lease as tenants, the cosigner will not be granted access to the property. You can decide to terminate the lease if the lease term is approaching its expiration and the tenant does not meet your income requirements.
