Couples who have been married for a length of time, and then begin divorces, usually have several joint assets. The majority of the time couples decide to split those assets between themselves. This can be difficult. Distributing the net proceeds after a sale is about the only way to fairly divide the family home for instance. If you're in the middle of divorcing, you might question whether this is the best idea for your family. What to do with the house is one of the most common questions about divorce real estate Orange County CA lawyers hear.
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.
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.
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.
If you do have the funds to buy out your ex-spouse, you will need to get the mortgage refinanced. Removing him from the deed is easy. Removing his name from the mortgage is more complicated. You should do it though, because it can affect both your credit scores negatively if one or the other of you is delinquent on payments. You personally have to qualify to get the loan refinanced. You might be looking at a higher interest rate.
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.
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.
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.
If you do have the funds to buy out your ex-spouse, you will need to get the mortgage refinanced. Removing him from the deed is easy. Removing his name from the mortgage is more complicated. You should do it though, because it can affect both your credit scores negatively if one or the other of you is delinquent on payments. You personally have to qualify to get the loan refinanced. You might be looking at a higher interest rate.
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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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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