2007-04-07 07:47:08 · 14 answers · asked by junebug501 3 in Family & Relationships ➔ Marriage & Divorce
It's called a Quit Claim.
One of the parties buys out the other one. If neither can afford to do this, then put the house up for sale. Any outstanding loans will have to be split 50/50.
If selling isn't an option, then you can always rent the house out until you get your divorce squared away.
2007-04-07 07:55:28 · answer #1 · answered by Ella 7 · 2⤊ 1⤋
Which one of you can afford to keep the house?
The one who can better afford to keep the house should "buy the other one out" of whatever you've put into it (usually in the form of coughing up half the down payment you two made).
Whoever can afford to do that AND continue to make the payments on the house, should be the one who keeps it, from a practical standpoint.
If both of you can afford to do that, then...probably -- you two should decide who wants the house more. That party will "buy out" the other party.
If you can't reach a decision on that then, for the sake of keeping peace, it would probably be wise to sell the house divide the profits.
(That is if there are any profits in this cruddy housing market. )
2007-04-07 15:04:40 · answer #2 · answered by biiiiaaach 3 · 1⤊ 1⤋
Usually it's ordered that the house is sold and the profit split between the two individuals. Or one gets the house and buys the others person out . But no one usually gets the house without paying the other their share of it.
2007-04-07 14:52:15 · answer #3 · answered by curious 5 · 2⤊ 0⤋
Well legally it would be who the primary signer is.
Emotionally it would depend on who was in a better state of mind to deal with it.
Financially, it can be less stressful for the one with less money to stay since there is alot of cost involved with moving and setting up house somewhere new.
Sometimes, it can be best just to sell, split the responsibilities and both move on.
2007-04-07 14:54:35 · answer #4 · answered by chumneyvisualdesigns 1 · 1⤊ 1⤋
I'm reading all these answers, but what if they both or the woman has no place to stay afterwards, despite a jobs?
Oops I forgot, next door neighobor here has the house. I think he pays his wife for it, like a loan or something, and she lives somewhere else. He doesn't have much left to pay on it, if I remember correctly. And they had kids.
2007-04-07 14:54:28 · answer #5 · answered by Desyra 2 · 1⤊ 1⤋
it would depend on who can afford the house. you would have to get a new mortgage with only you as the owner and if there is any equity in the house then you should split that 50 - 50.
2007-04-07 14:52:43 · answer #6 · answered by george 2 6 · 1⤊ 0⤋
It`s a split decision one pays the other or the house is sold & then after bills residue is split.
2007-04-07 14:50:33 · answer #7 · answered by edison 5 · 0⤊ 0⤋
Take it to the courthouse. Otheriwse, you two might have to sell it ans split the profits.
2007-04-07 14:52:45 · answer #8 · answered by blackbeauty_19890 3 · 1⤊ 1⤋
Sell it, you'll need the money to pay for the lawyers.
2007-04-07 14:51:59 · answer #9 · answered by Dancing Bee 6 · 1⤊ 0⤋
Sell it...divide the proceeds.
2007-04-07 14:50:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋