QUESTION
My ex is to refinance & give me 50% of current equity, is it typical to minus 1/2 of Realtor/closing fees?
Asked on Nov 26th, 2012 on Divorce - Michigan
More details to this question:
My divorce is almost complete. My ex plans to refinance to stay in the house. Her lawyer is arguing they will pay me half of the equity, but only after they subtract half of what a Realtor would be paid to sell it and half of costs to prepare the house for sale. Is this standard, or am I entitled to half of current equity as it is?
8 ANSWERS
That attorney is dead wrong.
Answered on Apr 15th, 2013 at 6:41 AM
Steven D. Dunnings
Depends on your lawyer.
Answered on Apr 15th, 2013 at 6:01 AM
While it is common to split costs actually incurred, it would be unusual for the court to order the payment of fees that are not being incurred. You may need to go back to court for clarification of the order.
Answered on Nov 29th, 2012 at 11:33 AM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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They are misleading you. If your wife wants the house, she has to pay you 1/2 of the equity - no reduction for closing costs.
Answered on Nov 28th, 2012 at 12:55 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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If you and your husband cannot agree it will be up to the judge to decide based on all the facts and circumstances. Generally, in Colorado the costs of sale (realtor fees, etc) are only deductible in computing the division of sale proceeds when there is actually a sale.
Answered on Nov 28th, 2012 at 12:55 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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This does not appear practical, because no realtor is going to be paid, and the house is not going to be repaired to be sold.
Answered on Nov 27th, 2012 at 4:10 PM
Family Law Attorney serving Los Angeles, CA
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Hammers & Baltazar, LLP
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The realtor fees/closing costs are only charged if there is actually a sale. If it is a refinance to buy you out, you should get the entire share, not minus fees and costs for a "sale" that is not happening.
Answered on Nov 27th, 2012 at 4:09 PM
Family Law Attorney serving West Bloomfield, MI
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Law Offices of Eugene Lumberg and Eric S. Lumberg
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It is common to split the closing costs of any sale but since your ex is refinancing, she should incur those costs. Of course, having a lawyer represent you and your best interests is always best. It is possible to negotiate that issue.
Answered on Nov 27th, 2012 at 4:07 PM