My soon to be ex does not want the home but is entitled to half of its value. We live in Indiana.
2006-07-05 04:42:55 · 19 answers · asked by Larry T 2 in Family & Relationships ➔ Marriage & Divorce
The first link below is to the Indiana state statutes regarding property division. It's my interpretation that you can have the home assessed for value and purchase her part of that value in the home either through outside financing or a security bond which the court would issue and attach to the dissolution of marriage as part of the property settlement. I would take this to mean that is your soon to be ex-wife and you could agree to a stipulated monthly payment against her half of the value then you could do it this way without the need for refinancing and she would simply quit claim the deed to you.
http://www.in.gov/legislative/ic/code/title31/ar15/ch7.html
http://www.in.gov/legislative/ic/code/title31/ar15/
2006-07-05 04:48:46 · answer #1 · answered by fun_guy_otown 6 · 3⤊ 0⤋
The only thing about half its value is, is the house paid of fully? If its a $100,000 and paid off, you might have to refinance to pay her half, or take out some type of loan. But if that same $100,000 isn't fully paid off, you only have to divide what you've both paid on it so far. Either way, she'll be getting money out of the deal somehow. But there are ways to keep the house without keeping her. Have you not talked to your lawyer about this?
2006-07-05 11:54:44 · answer #2 · answered by Velken 7 · 0⤊ 0⤋
In most states your spouse in entitled to half your marital assets (anything you acquired during the marriage). The easiest way for you to keep your home is to have a house appraisal (to get a legal "Value" or Worth.) Once you find out what it is "legally worth" than you can "buy out" your soon to be ex-spouse. You would have to pay her 1/2 of what the house is worth. You could do this by getting a mortgage on the home in your name only with additional cash out at closing to pay her off. At closing she would need to sign off on the title. (Or sign a quit claim deed prior to the closing).
Unfortunately, she would have to agree to this scenario.
2006-07-05 11:51:31 · answer #3 · answered by Visit Budget101.com 3 · 0⤊ 0⤋
Get the house appraised.
Just on an appraisal without a sale being involved, it will appraise for a bit less.
You ex will have to sign a disclaimer deed prior to your getting a HELOK, assuming you don't have that much cash on hand.
Second choice would be to set up a trust deed for the amount of money you will owe her, and make payments until it is paid off and the trust deed removed.
2006-07-05 11:49:14 · answer #4 · answered by Nick R 3 · 0⤊ 0⤋
Guess you can do like I did and re-finance the home and pay her half of the value. It sucks but she is entitled I reckon.
2006-07-05 11:46:27 · answer #5 · answered by Fergy 5 · 0⤊ 0⤋
If her name is on the title, she is entitled to half. Unless she is willing to sign away her half for free, you are going to have to buy her out.
2006-07-05 12:03:25 · answer #6 · answered by cherubcrnp 1 · 0⤊ 0⤋
If you have a lot of debt then offer to take her amount of debt that equals what you would have to pay her to for the house. Or you can force the judge to make her refinance and buy her out.
Good Luck!
2006-07-05 11:50:28 · answer #7 · answered by qti36 3 · 0⤊ 0⤋
Buy her out. She deserves to be compensated for her portion if you plan to keep the house.
Now, if you are looking for a way around this, then you are simply trying to cheat your ex out of what is rightfully hers.
2006-07-05 11:47:42 · answer #8 · answered by CleverGal 3 · 0⤊ 0⤋
maybe. try having a CALM discussion about it. my parents just divorced and my dad kept the house because they talked it over...but he had to pay for my moms new house so yea of couse there are ways. i'm sorry about the divorce.
2006-07-05 11:47:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If her name is on the deed, she owns half the house, and you will have to buy her out.
2006-07-05 11:46:12 · answer #10 · answered by Jack 5 · 0⤊ 0⤋