Who Gets the House in A Divorce

Who Gets the House in A Divorce mp4

Who gets the house in a divorce? First presents a wide range of financial issues to discuss, division of the property can be complicated, including determining what to do with one of the common assets from a marriage, the family home. If you and your spouse own a home during the marriage and did not sign a pre-nuptial agreement or receive the home through an inheritance or a gift, there are several ways to handle the marital residence in a divorce. Hi, I’m Rich Barnes owner, broker of Realty Experts in West Allis, Wisconsin 53214. And what do I need to do to keep the house? Both parties must agree, but there are things to consider, the desire to stay in the family residence may be sentimental. So it’s critical that you analyze your monthly budget expenses to see whether you can afford the home. What if my spouse wants to buy out my equity in the house? you will want to get the value of your home appraised. Your spouse should refinance the underlying note and mortgage, which allows him or her to pay you your 1/2 of the equity in the residence. It’s also removes your name from the underlying mortgage. So it does not affect your credit in the future. May I purchase another home before the divorce is final? This may be possible, but note that your spouse may have a marital interest in your new property. If your spouse agrees, this may be dealt with by executing a stipulation, an order reflecting that the new property and the debt associated is solely yours, and please, I am not an attorney or a tax consultant, just giving helpful information. For more videos on divorce and real estate, simply click the link below and as always, you can relyonrich.com. Thanks and you have a great day.

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