will one of them have the right to stay in the house perphaps to care for the young child and buy the other out? or will the house be sold and the proceeds divided?
2007-06-27 09:24:52 · 7 answers · asked by temi o 1 in Business & Finance ➔ Renting & Real Estate
Depends on where the property is owned. Texas, for example, is a community property state so property is owned JOINTLY (unless you owned it before you got married). Sometimes one party will buy out the other party and sometimes the proceeds from a sale are divided equally. It's usually up to the individuals and what they work out with their attorneys which of the available options is decided upon.
It used to be that a woman with care of minor children was almost never forced out of her home. Like perhaps the house couldn't be sold until the kids were 18 and THEN the proceeds would be divided equally between the two exes. That's not much the case anymore. Men are getting a lot more rights in a divorce than they used to get. Even to custody of the children in some cases!
2007-06-27 09:33:23 · answer #1 · answered by stevijan 5 · 0⤊ 0⤋
The answer to our question will vary from case to case. One thing I do want to warn you about though is that if one party or the other is going to stay in the home and the other is to be paid their equity in the property as a consideration the refinance to take out the equity should be done prior to any filings so that both incomes (if applicable) can be used for qualifying purposesunless the party who is staying can qualify for the loan on their own. The staying party can deed out to the leaving party at the conclusion of the divorce proceedings.
Another thing this accomplishes is to let the leaving party qualify for financing. If they are not off of the loan on the ucrrenthome they must qualify counting both payments until they can supply copies of 12 cancelled checks proving they are not making the payments.
Another thing to consider
2007-06-27 16:51:27 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
This is negotiable depending on the situation and the preference of both parties. Are you married? Can one of you afford to buy the other out, or would you have to go through a sale to get proceeds? There may already be an obligation for child support depending on the circumstances.
2007-06-27 16:30:29 · answer #3 · answered by PK 5 · 0⤊ 0⤋
Either situation can occur with the agreement of the parties involved. However, if no amicable agreement is reached, BOTH of the parties have rights to the property, and BOTH can continue to live there if chosen to do so.
Given that scenario, I would recommend reaching an amicable agreement to somehow either sell the property and split any remaining proceeds, or ONE of the parties seeking financing with which to buy out the half owned by the other.
2007-06-27 16:29:58 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
If they can't agree how to handle it, the courts may step in and decide for them. That usually results in a forced sale and division of the equity, if any.
When my ex and I divorced, I bought out her share of the equity in cash and she quitclaimed her share to me. Refinancing wasn't an option at the time, so I agreed to indemnify her against any claims from the mortgage company since they would not remove her name from the mortgage.
2007-06-27 16:30:27 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It all depends on the financial and living situation of the couple/family and what type of agreement the couple/family comes to.
2007-06-27 16:28:33 · answer #6 · answered by βread⊆ℜumbs™ 5 · 0⤊ 0⤋
You'll need to work that out with him, or his divorce attorney. Chances are, they house will be sold.
2007-06-27 16:28:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋