If you have been married for awhile, and are getting divorced, you and your spouse probably have a number of joint assets. Most of the time divorces require that those assets be divided between the two parties. That's not always easy. When it comes to the family home for instance, the only way to divide it is to sell and distribute the cash profits. You may be wondering if this is the best idea. This and other common questions about divorce real estate Orange County CA attorney hear usually have multiple answers.
Whether or not to sell your home depends on a variety of factors. You and your spouse can decide to hold the asset jointly. This might work as long as you are both communicating.
This is usually not a long term solution though. If you are going to be the one in the house, you will probably also be the one responsible for the mortgage payments, taxes, and interest. It's important to feel comfortable that you can handle this financially.
Once you've decided you have the resources to pay the mortgage, and maintain the house, buying your spouse out may be next logical step. Many custodial parents decide to retain the family home because they have minor children. These parents believe the security and sense of continuity it brings to their kids is worth whatever financial hardship they have to bear. In order to get the house in your name only, you have to come up with the cash to buy your partner out.
If you're having trouble buying your spouse out because you don't have the financial resources, you might suggest a deferred sale. This means you and the kids get to stay in the house for at least as long as it takes them to reach legal age. After that the house will be sold.
This can work, at least temporarily. It can become a problem when your ex finds a house of his own he wants to buy. Since his name is already on one mortgage, getting approved for another one will be difficult.
If you're going to buy out your spouse, you need to refinance your mortgage. You can get his name off the deed, but getting it off the existing mortgage is another matter. Both you can have credit problems if one or the other of you has problems making the mortgage payments. You will have to qualify for the loan on your own however, and may end up with a higher interest rate. One idea is for you and your ex-spouse to continue to own the home jointly until you can get the house refinanced in your name.
When you've decided to sell you might be tempted to advertise it as a divorcing sale. This is almost always a mistake. Prospective buyers will automatically assume you have to get rid of the property and will take whatever you can get for it. Instead of realistic offers, you will probably be inundated with lowball ones that are too unrealistic to bother negotiating.
Whether or not to sell your home depends on a variety of factors. You and your spouse can decide to hold the asset jointly. This might work as long as you are both communicating.
This is usually not a long term solution though. If you are going to be the one in the house, you will probably also be the one responsible for the mortgage payments, taxes, and interest. It's important to feel comfortable that you can handle this financially.
Once you've decided you have the resources to pay the mortgage, and maintain the house, buying your spouse out may be next logical step. Many custodial parents decide to retain the family home because they have minor children. These parents believe the security and sense of continuity it brings to their kids is worth whatever financial hardship they have to bear. In order to get the house in your name only, you have to come up with the cash to buy your partner out.
If you're having trouble buying your spouse out because you don't have the financial resources, you might suggest a deferred sale. This means you and the kids get to stay in the house for at least as long as it takes them to reach legal age. After that the house will be sold.
This can work, at least temporarily. It can become a problem when your ex finds a house of his own he wants to buy. Since his name is already on one mortgage, getting approved for another one will be difficult.
If you're going to buy out your spouse, you need to refinance your mortgage. You can get his name off the deed, but getting it off the existing mortgage is another matter. Both you can have credit problems if one or the other of you has problems making the mortgage payments. You will have to qualify for the loan on your own however, and may end up with a higher interest rate. One idea is for you and your ex-spouse to continue to own the home jointly until you can get the house refinanced in your name.
When you've decided to sell you might be tempted to advertise it as a divorcing sale. This is almost always a mistake. Prospective buyers will automatically assume you have to get rid of the property and will take whatever you can get for it. Instead of realistic offers, you will probably be inundated with lowball ones that are too unrealistic to bother negotiating.
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