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.
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.
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.
If you're sure it's financially and physically feasible for you to stay in the family home, the next step is to figure out what you need to do to buy out your ex-spouse. Many custodial parents are so determined to keep the family home because they are convinced it helps the kids feel more secure and gives them a sense of normalcy. They are willing to do whatever they can to find the cash to buy out the ex-spouse or find some other solution.
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 temporarily. The problem is going to be when your ex-spouse decides he wants to buy a house of his own. Since his name is already on one loan, it is going to be difficult for him to get approval for another 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.
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.
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.
If you're sure it's financially and physically feasible for you to stay in the family home, the next step is to figure out what you need to do to buy out your ex-spouse. Many custodial parents are so determined to keep the family home because they are convinced it helps the kids feel more secure and gives them a sense of normalcy. They are willing to do whatever they can to find the cash to buy out the ex-spouse or find some other solution.
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 temporarily. The problem is going to be when your ex-spouse decides he wants to buy a house of his own. Since his name is already on one loan, it is going to be difficult for him to get approval for another 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.
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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