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My wife and I have just started the divorce process. We bought a house together 10 years ago and it is about 90% paid off. Even if she gets to keep the house I still do not think she would be able to pay the mortgage. Does this mean that I will most likely get the house?
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You are each entitled to 50% of the equity in the house. If one party cannot buy out the other the house should be sold to divide the money.
Answered on May 04th, 2015 at 7:12 AM
Alimony Attorney serving Rockville, MD
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Law Offices of Aimee C. Robbins
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Either the home will be sold and the proceeds divided or you can retain the home, refinance and buy her off.
Answered on May 04th, 2015 at 5:03 AM
Family Law Attorney serving West Bloomfield, MI
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Law Offices of Eugene Lumberg and Eric S. Lumberg
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There are several options for dealing with the house. If the parties can not decide, the Judge may order that it be sold and the proceeds split. Consult with an attorney to discuss your options and what resolutions are best for you.
Answered on May 01st, 2015 at 11:06 PM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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No. You don't say how long you were married or what other assets and liabilities there are. The length of the marriage has a bearing on the division of assets and on maintenance.The court will have to look at the whole picture and then determine a division. For example, she might get the house, you may have to pay some maintenance or directly for part of the mortgage and you might get the retirement plan. There are many variables.
Answered on May 01st, 2015 at 11:02 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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If the house is 90% paid off she could remortgage it and lower the monthly payments.. Please contact an attorney.
Answered on May 01st, 2015 at 10:56 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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First things first. You need to retain an experienced divorce lawyer to advise and represent you. It's more than worth the investment. I can speak with confidence on this: I have represented many people who did DIY divorces and then needed to try to remedy the consequences later. The question of who gets the house can be decided by agreement between the two of you which is almost always best. If the wife cannot pay the mortgage, then (a) she might get the house and you would have to pay her maintenance to be sure the payments are made; or (b) you get the house and the remaining mortgage, but you may have to pay her the one-half of the equity to which she is presumptively entitled. Good Luck and get a good lawyer.
Answered on May 01st, 2015 at 12:02 PM
The problem you raise is that both of you are still on the loan. If you can be taken off the loan, by the lender, then the house can transfer to her and it would not matter to you if she cannot pay the loan. If, however, the lender will not transfer the loan to her only, you might want to consider selling the home and splitting the net proceeds from the sale.
Answered on May 01st, 2015 at 7:53 AM
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Whichever one of you keeps the house will need to buy the other person's interest out. The law in Nebraska says each receives 50/50 of the marital estate (assets that were purchased during the marriage, minus liabilities incurred). If she would not have the ability to pay the mortgage or borrow more to pay you, and you would be able to do those things to pay her, then, yes, it makes more sense for the house to be awarded to you in the divorce. You should really consult with an experienced divorce lawyer who can confidentially go through all of your specific facts with you and advise you on your rights and obligations. Best wishes!
Answered on May 01st, 2015 at 7:01 AM
Family Law Attorney serving Irvine, CA
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Law Office of Julie A. Ringquist
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If she can refinance the house in her own name, to pay you off for your one-half of the equity, she can be awarded the house, and you can have your half of the equity (current value minus debts on the property). If she cannot afford a refinance, which will also provide the funds necessary to pay you, then you will be given the same opportunity to refinance and pay her one-half of the equity. If neither of you can qualify for the refinance to pay the other one off, then the house will be sold, and the equity will be divided. It will be equally divided assuming that the entire property is community property.
Answered on May 01st, 2015 at 5:32 AM