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.
There are a lot of factors that go into deciding whether to stay or sell. Holding the asset jointly, at least for awhile, can be an option. This will only work when you and your spouse are cooperating with one another.
This is probably not a solution for the long term however. If you're determined to live in the house, you need to realistically consider whether you have the financial means to make the monthly mortgage, tax, and insurance payments. You will also need the funds to maintain the residence.
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 do have the funds to buy out your ex-spouse, you will need to get the mortgage refinanced. Removing him from the deed is easy. Removing his name from the mortgage is more complicated. You should do it though, because it can affect both your credit scores negatively if one or the other of you is delinquent on payments. You personally have to qualify to get the loan refinanced. You might be looking at a higher interest rate.
Couples who do sell sometimes consider advertising the house as a divorce sale. They are usually sorry they did it. Potential purchasers assume this is a distress sale, and you'll take any offer you get, no matter what it is. That encourages them to make such lowball offers that countering and negotiating is not worth the effort.
There are a lot of factors that go into deciding whether to stay or sell. Holding the asset jointly, at least for awhile, can be an option. This will only work when you and your spouse are cooperating with one another.
This is probably not a solution for the long term however. If you're determined to live in the house, you need to realistically consider whether you have the financial means to make the monthly mortgage, tax, and insurance payments. You will also need the funds to maintain the residence.
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 do have the funds to buy out your ex-spouse, you will need to get the mortgage refinanced. Removing him from the deed is easy. Removing his name from the mortgage is more complicated. You should do it though, because it can affect both your credit scores negatively if one or the other of you is delinquent on payments. You personally have to qualify to get the loan refinanced. You might be looking at a higher interest rate.
Couples who do sell sometimes consider advertising the house as a divorce sale. They are usually sorry they did it. Potential purchasers assume this is a distress sale, and you'll take any offer you get, no matter what it is. That encourages them to make such lowball offers that countering and negotiating is not worth the effort.
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Get a summary of the things to keep in mind when picking a divorce real estate Orange County CA agent and more information about an experienced Realtor at http://www.meritagerealtyinc.com/services today.
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