Friday, December 2, 2011

My Husband wants the House after Divorce?

My husband wants the house as part of divorce settlement. Both of our names are on the deed, but the loan is in my name alone. How does my husband gets the house and loan over into his name alone? We live in Idaho a community property state.|||If you really want the house i will perform a miracle to make him have an 'accident' so you will get the house.|||Let the lawyers figure it out, that's why you pay them.|||The lawyers will do all that for you and you want them to! If something gets messed up, it could cost you dearly.





The house needs to be appraised for valuation and you two have to come to some kind of resolution over the valuation. You then need to file a quit claim deed to remove yourself from the property title, etc...


Insure the lender has you totally off their records.





(if they don't and your husband trashes out the house (for some reason) - the lender can come back to you for restitution)|||Typically in a house settlement, the one spouse must actually sell it to the other spouse at fair market value. The profit is then split between you. He will have to get his own loan from a bank. The down side is you will both have to pay closing costs.|||If you are amenable to him taking the house then he would have to get a loan in his name only to cover the mortgage. If this is not possible then there is no way he can take the house, no judge would order you to remain on the loan and award the house to your spouse. If he can't get a mortgage to cover your current loan then the best bet would be to sell the house and divide up the profits.|||If you both are using one attorney, it is a bad idea. The attorney will favor the one lining his pockets. Get your own attorney because even if he wants the house, he will have to buy you out of it.|||All my best to you in this situation. My advice to you would be for you to speak with a lawyer. With so much at stake, and you want to be sure to do everything as right as possible. Speak and get your advice from a lawyer. I hope this transition for you will be a peaceful and smooth one.|||He needs to finance a mortgage in his own name and buy you out. He's likely entitled to an ownership stake regardless because it was his homestead, but unless the judge orders you to continue paying the mortgage as a form of spousal support (not common), your STBX will have to secure a loan in his own name.|||Yes, lawyers will handle this best.

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