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 you sell or stay will be dependent on several factors. You might continue to hold the house as a joint asset with your ex-spouse. If the two of you are communicating, this might work, at least on a temporary basis.
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 are low on funds and don't have enough resources to actually buy out the ex-spouse you might float the idea of a deferred sale. This arrangement allows you and your kids to stay in the family home as long as the kids are underage. Once they're eighteen, you sell the house.
This might work for a while. Your ex-spouse will probably want to buy a new house of his own at some point though. That's going to be difficult when his name is already on one mortgage.
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.
Couples who do sell sometimes consider advertising the house as a divorce sale. They are usually sorry they did it. Potential purchasers assume this is a distress sale, and you'll take any offer you get, no matter what it is. That encourages them to make such lowball offers that countering and negotiating is not worth the effort.
Whether you sell or stay will be dependent on several factors. You might continue to hold the house as a joint asset with your ex-spouse. If the two of you are communicating, this might work, at least on a temporary basis.
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 are low on funds and don't have enough resources to actually buy out the ex-spouse you might float the idea of a deferred sale. This arrangement allows you and your kids to stay in the family home as long as the kids are underage. Once they're eighteen, you sell the house.
This might work for a while. Your ex-spouse will probably want to buy a new house of his own at some point though. That's going to be difficult when his name is already on one mortgage.
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.
Couples who do sell sometimes consider advertising the house as a divorce sale. They are usually sorry they did it. Potential purchasers assume this is a distress sale, and you'll take any offer you get, no matter what it is. That encourages them to make such lowball offers that countering and negotiating is not worth the effort.
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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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