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.
Whether or not to sell your home depends on a variety of factors. You and your spouse can decide to hold the asset jointly. This might work as long as you are both communicating.
It's not always the best solution however. If you want to stay in the home, you have to take a hard look at whether or not you can make the mortgage and insurance payments, and pay the taxes on it every year yourself. There is also maintenance to be considered.
If you have determined that you are financially capable of maintaining the house both financially and physically, your next step is to determine what it will take to buy your ex-spouse out of his share. A lot of times the custodial parent wants to stay in the family home in order to give the kids a feeling of continuity and security. There are a number of ways to come up with the cash necessary to keep the house in your name only.
If buying him out completely right after divorcing is beyond your means, you might have a discussion with him about a deferred sale. With this arrangement, you and your children stay in the home as long as they are underage. Once the kids reach legal age, you have to sell the house.
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.
When you've decided to sell you might be tempted to advertise it as a divorcing sale. This is almost always a mistake. Prospective buyers will automatically assume you have to get rid of the property and will take whatever you can get for it. Instead of realistic offers, you will probably be inundated with lowball ones that are too unrealistic to bother negotiating.
Whether or not to sell your home depends on a variety of factors. You and your spouse can decide to hold the asset jointly. This might work as long as you are both communicating.
It's not always the best solution however. If you want to stay in the home, you have to take a hard look at whether or not you can make the mortgage and insurance payments, and pay the taxes on it every year yourself. There is also maintenance to be considered.
If you have determined that you are financially capable of maintaining the house both financially and physically, your next step is to determine what it will take to buy your ex-spouse out of his share. A lot of times the custodial parent wants to stay in the family home in order to give the kids a feeling of continuity and security. There are a number of ways to come up with the cash necessary to keep the house in your name only.
If buying him out completely right after divorcing is beyond your means, you might have a discussion with him about a deferred sale. With this arrangement, you and your children stay in the home as long as they are underage. Once the kids reach legal age, you have to sell the house.
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.
When you've decided to sell you might be tempted to advertise it as a divorcing sale. This is almost always a mistake. Prospective buyers will automatically assume you have to get rid of the property and will take whatever you can get for it. Instead of realistic offers, you will probably be inundated with lowball ones that are too unrealistic to bother negotiating.
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Get a summary of the things to keep in mind when picking a divorce real estate Orange County CA agent and more information about an experienced Realtor at http://www.meritagerealtyinc.com/services today.
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