When you have been married for a number of years before divorcing, you and your partner have probably amassed numerous assets. Traditionally those assets are divided equally between the ex-spouses. This isn't always as easy as it sounds. Family houses for example, can not be physically divided. The cash from a sale can be distributed between the two parties, but that might not be the best idea for you. This is one of the questions about divorce real estate Orange County CA attorneys deal with all the time.
There are a lot of factors that go into deciding whether to stay or sell. Holding the asset jointly, at least for awhile, can be an option. This will only work when you and your spouse are cooperating with one another.
This is usually not a long term solution though. If you are going to be the one in the house, you will probably also be the one responsible for the mortgage payments, taxes, and interest. It's important to feel comfortable that you can handle this financially.
Once you've decided you have the resources to pay the mortgage, and maintain the house, buying your spouse out may be next logical step. Many custodial parents decide to retain the family home because they have minor children. These parents believe the security and sense of continuity it brings to their kids is worth whatever financial hardship they have to bear. In order to get the house in your name only, you have to come up with the cash to buy your partner out.
If you're having trouble buying your spouse out because you don't have the financial resources, you might suggest a deferred sale. This means you and the kids get to stay in the house for at least as long as it takes them to reach legal age. After that the house will be sold.
This can work, at least temporarily. It can become a problem when your ex finds a house of his own he wants to buy. Since his name is already on one mortgage, getting approved for another one will be difficult.
You should be aware that buying out your ex includes refinancing your mortgage. Getting the ex's name off the deed can be done easily. Getting it off the loan documents is something else. Leaving it on the mortgage can affect both of your credit ratings negatively if one of you has financial problems. You will have to qualify on your own to get the mortgage refinanced. Your new interest rate might be higher than your old one. If possible, leaving the house in both names until you can refinance may be the best option.
For couples who decide to go ahead and sell the family home, advertising it as a divorce sale can be tempting. You'll be making a mistake by doing this however. Prospective buyers will consider it a fire sale and presume you'll take any offer you can get. The ridiculously low offers you see probably won't be worth your time to counter.
There are a lot of factors that go into deciding whether to stay or sell. Holding the asset jointly, at least for awhile, can be an option. This will only work when you and your spouse are cooperating with one another.
This is usually not a long term solution though. If you are going to be the one in the house, you will probably also be the one responsible for the mortgage payments, taxes, and interest. It's important to feel comfortable that you can handle this financially.
Once you've decided you have the resources to pay the mortgage, and maintain the house, buying your spouse out may be next logical step. Many custodial parents decide to retain the family home because they have minor children. These parents believe the security and sense of continuity it brings to their kids is worth whatever financial hardship they have to bear. In order to get the house in your name only, you have to come up with the cash to buy your partner out.
If you're having trouble buying your spouse out because you don't have the financial resources, you might suggest a deferred sale. This means you and the kids get to stay in the house for at least as long as it takes them to reach legal age. After that the house will be sold.
This can work, at least temporarily. It can become a problem when your ex finds a house of his own he wants to buy. Since his name is already on one mortgage, getting approved for another one will be difficult.
You should be aware that buying out your ex includes refinancing your mortgage. Getting the ex's name off the deed can be done easily. Getting it off the loan documents is something else. Leaving it on the mortgage can affect both of your credit ratings negatively if one of you has financial problems. You will have to qualify on your own to get the mortgage refinanced. Your new interest rate might be higher than your old one. If possible, leaving the house in both names until you can refinance may be the best option.
For couples who decide to go ahead and sell the family home, advertising it as a divorce sale can be tempting. You'll be making a mistake by doing this however. Prospective buyers will consider it a fire sale and presume you'll take any offer you can get. The ridiculously low offers you see probably won't be worth your time to counter.
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