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 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.
If you're sure it's financially and physically feasible for you to stay in the family home, the next step is to figure out what you need to do to buy out your ex-spouse. Many custodial parents are so determined to keep the family home because they are convinced it helps the kids feel more secure and gives them a sense of normalcy. They are willing to do whatever they can to find the cash to buy out the ex-spouse or find some other solution.
If buying him out completely right after divorcing is beyond your means, you might have a discussion with him about a deferred sale. With this arrangement, you and your children stay in the home as long as they are underage. Once the kids reach legal age, you have to sell the house.
This might work for a while. Your ex-spouse will probably want to buy a new house of his own at some point though. That's going to be difficult when his name is already on one mortgage.
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 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.
If you're sure it's financially and physically feasible for you to stay in the family home, the next step is to figure out what you need to do to buy out your ex-spouse. Many custodial parents are so determined to keep the family home because they are convinced it helps the kids feel more secure and gives them a sense of normalcy. They are willing to do whatever they can to find the cash to buy out the ex-spouse or find some other solution.
If buying him out completely right after divorcing is beyond your means, you might have a discussion with him about a deferred sale. With this arrangement, you and your children stay in the home as long as they are underage. Once the kids reach legal age, you have to sell the house.
This might work for a while. Your ex-spouse will probably want to buy a new house of his own at some point though. That's going to be difficult when his name is already on one mortgage.
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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