To end a marriage, most people get a divorce. When people divorce it often means dividing up assets such as a house, cars, retirement accounts, and other assets and investments. But when it comes your home, mortgage and home equity loan, getting a divorce means understanding your liabilities with respect to having your name and credit associated with the home and mortgages. Learn from others who have been through a divorce, how they divided up their assets, and when they consulted an attorney or tax professional.
Studies have shown time and time again that money stress is bad for marriages and can sometimes even lead to divorce. Last month, in honor of Valentine's Day, Reuters Money got a bunch of financial experts together for a Love and Money Twitter chat aimed at helping couples work through their dollar-based differences and keep their [...]
A husband, who will soon be divorced, lives in a home paid for by his wife and his father-in-law. The wife wants to know what rights her soon-to-be ex-husband has to the property since he's not on the mortgage note. It's possible the divorce court may decide that he's entitled to one quarter of the property. His soon-to-be ex-wife will get one quarter and her father owns half. The exact property ownership breakdown will depend on the divorce settlement.
When you own commercial real estate with a former spouse and decide to remarry it may require clarifying the assets you hold. To resolve who's liable for paying the mortgages, it may mean signing a quit claim deed or other documents. But before signing anything about your commercial real estate holdings, you should consult with an attorney to understand what you're signing. And before getting married, inquire about a future spouse's financial obligations.
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is free and clear of liens.
When you divorce you may want to remove some of the names on your home's mortgage. You can't remove the name of one of the borrowers on a mortgage loan using a quit claim deed. A quit claim deed can change the names listed on a home's title but not on the mortgage. To change the names on a mortgage loan you have to refinance, sell the home and repay the mortgage loan or pay off the mortgage loan with cash.
Women going through divorce may need advice about what to do about their house, especially if their names aren't on the deed or title to the house. When your name is not on a house deed, do you still have a right to part of the home value? To figure out how to handle such a divorce situation you should see a divorce attorney.
When you go through a divorce you may need to hire a real estate agent to help you sell the home you shared with your soon-to-be-ex-spouse and also to help you buy a new home. Each real estate agent uses different techniques to do his or her job and sometimes the person going through the divorce may have a hard time with some of them. Who can help you in such a situation? It helps to contact attorneys specializing in divorce and real estate prior to selling a home.
When you get divorced, the person whose name is on the mortgage loan is responsible for that debt, even if both people's names appear on the title to the home. To change the names on a mortgage loan, the loan must be refinanced. Depending on how this asset, the home, is divided between the two spouses during a divorce, it could affect their credit histories and credit scores.
A woman getting divorced says her ex-husband is buying her share of their home through a quit claim deed and will refinance the home. Ilyce advises her to put the quit claim deed in trust until she gets the money from her ex-husband. Otherwise, the woman may not see the cash after handing over the quit claim deed and having her husband buy her share of the property.