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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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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