we have a joint mortgage.What will happen when we divorce? Do we have to sell the house?
2007-09-29 07:05:01 · 14 answers · asked by mezzie 3 in Family & Relationships ➔ Marriage & Divorce
Yes, or one buys the other out.
2007-09-29 07:06:54 · answer #1 · answered by Anonymous · 3⤊ 2⤋
We got divorced in 2000 and there was a joint mortgage on the marital home. We owned another that had no mortgage and we rented out..He decided to take that one. We had to have the both appraised, then because the marital had more ammenties and would sell for more, I would owe him. But because there was a mortgage on the marital and none on the other, he owed me to balance out and make it equal. All done with our respective attorneys.. Usually only one home. If one party wants to keep it, they must get the money for 1/2 of the value minus 1/2 of what is owed on the mortgage, and give it to the other spouse who is moving out. But if neither can afford to do that or neither is willing to sell to the other, then the house goes up for sale, mortgage paid off and any profits split between the parties. If one does opt out and sell to the other, they should make sure their name is taken off the original joint mortgage, or they can be held responsible for the mortgage after divorce if the other party defaults. Debtors do not recognize divorce as a way out of your debt.. So bear this in mind..
2007-09-29 07:20:06 · answer #2 · answered by Joanie 5 · 0⤊ 0⤋
What a Court is likely to do depends greatly on the facts of each case. However, in most cases, the Court will attempt to award each party one half the value of all assets, meaning that if you can't reach an amicable agreement, then the asset will be sold and both of you share an equal share of the resulting cash. However if you can both agree for one to retain the house and continue the mortgage, that would enable one of you to stay in the house. If it's you that want's to retain the home, then you may have to pay out his/her share (said "half") of what's already been paid into the mortgage.
2007-09-29 07:12:43 · answer #3 · answered by jdbarras 1 · 0⤊ 0⤋
If there are children, it's not unusual for the custodial parent to live there with the children until they are adults, after which the house is sold. Mortgage payments are factored into the child support/alimony calculations. Otherwise, it's a matter for negotiation, but the usual outcome is a sale and splitting the proceeds.
2007-09-29 23:14:58 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You can sell it. Or one can sell the other out. Sometimes the judge will decide that the person who gets to keep the house pays the rest of the payments and the other person just gets nothing. IT all depends on the situation.
2007-09-29 07:14:25 · answer #5 · answered by <Carol> 5 · 0⤊ 0⤋
Either you sell the house and go your own ways with the spoils, or one of you applies for the full mortgage in their own name. It is like getting a new mortgage on your own.
If you can get a mortgage on your own (you earn enough, have a good enough credit rating etc) then you can do this.
If you do get a mortgage in your own name, keeping the equity in the house (so the amount you are effectively borrowing does not go up). then your partner will effectively get nothing.
To be fair (not knowing your circumstances), you would normally get a bigger mortgage than you have now, because half the equity in the house would have to be given to your partner in cash.
Hence in reality you would have to be able to get a bigger mortgage than you have now, with consequential bigger mortgage payments.
If you can do that, then fine. Otherwise if neither partner can afford these higher payments, then selling is the remaining option.
2007-09-29 07:07:37 · answer #6 · answered by Valmiki 4 · 0⤊ 1⤋
So she's gonna divorce you.. and you are worried that the money you earned will be split down the middle? Obviously if most of the money for the house and the accounts is yours then you decided you would support her. Once you got married half of your stuff automatically became hers. Sorry pal but that's the way it works. Take the loss and learn from it. Prenups are a great thing.
2016-05-17 04:25:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
1) one of you keeps the house, but has to refinance to remove the other from the mortgage. that person's creditworthiness will be a factor.
2) you sell the house, split whatever the earnings (or loss) might be. if there are earnings expect capital gains taxes from the IRS!
good luck.
2007-09-29 08:22:37 · answer #8 · answered by Shell Answer Man 5 · 0⤊ 0⤋
You will have the option to sell the house, or if one of you wants to buy the other,s half of the house, that can be done.
2007-09-29 07:12:44 · answer #9 · answered by Sweet Suzy 777! 7 · 0⤊ 0⤋
You get a joint divorce.
2007-09-29 08:48:38 · answer #10 · answered by stevewiseman 3 · 0⤊ 1⤋
im sure in the case of a joint mortgage, you's are entitle to half your share of the house each.
2007-09-29 07:08:21 · answer #11 · answered by Anonymous · 0⤊ 0⤋