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Divorce Buyout |
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I am married, but separated and soon to be divorced. I don't want to keep our our house (too much for me to take care of and too many memories) and my husband has offered to buy me out. What should I do to ensure the buyout is fair and equitable? So far, we have only had a CMA done by a realestate agent. Thank you. |
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Sometimes each party hires an appraiser, and they agree in advance to take the average of the two estimates as the sale price.
An even more important concern is the mortgage, if you have one on the property. You will remain liable for the whole debt even after you've signed over your share of the house. Sometimes the lender will agree to relieve you of liability if your husband can prove his is capable of carrying the payments on his own. Otherwise, the only way to make sure you aren't faced with future credit problems is for your husband to refinance the debt in his own name only. Judging from the mail I receive, it isn't enough that the divorce settlement includes one spouse's promise to refinance. Lending institutions don't have to obey a divorce decree, and you could be faced with future credit problems out of your control. Better make sure the mortgage situation is completely settled before you sign over any ownership. |
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Edith
Originally published on April 20, 2008 |
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