What Is a Board's Responsibility for Allocating Shares After a Divorce?

Aug. 8, 2014 — A house divided against itself can stand, actually, in the case of a couple's divorce — transferring ownership to one or the other is relatively easy in the allocation-of-assets part of settlement negotiations. Not so when a couple owns a co-op, writes Ronda Kaysen in The New York Times, since a co-op board has to be involved. This means you not only have to prove that you're divorcing — and, yes, sleazy sorts have tried to gain ownership of a co-op by claiming such to credulous boards — but the remaining spouse has to prove he or she can afford the mortgage and maintenance, requiring a sort of re-admission review. And there are lots more questions to consider, including a perennial for those innocent souls who will also be affected: What will you tell your doorman? No, seriously, he's got to know if the other spouse can still go up or needs to announced.