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Posted: 7/27/2020 3:32:25 PM EDT
[#1]
Nvm
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Posted: 7/27/2020 3:42:59 PM EDT
[#2]
One spouse buys the other out. If that can't be done sell the house. Why in hell would you want to own the home together if divorced? Ever here of moving on?
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Posted: 7/27/2020 3:48:09 PM EDT
[#3]
You have to get it appraised, get her to agree in writing, then pay her Half, right? In for the (horrible) details.
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Posted: 7/27/2020 3:54:56 PM EDT
[#4]
Quoted: Husband will remain in home, wife will seek new residence. Couple is married currently, owns the home both names on the deed, with no mortgage or other liens or encumbrances. Only thing owed is property tax. Wife wants 50% of equity. What works best for the the both of them concerning this split and what about taxes? He'll refinance for 50% of the value of the home and the mortgage co will cut her a check...unless he has that value in his half of the non-home assets that he can buy her out. |
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Posted: 7/27/2020 3:56:14 PM EDT
[#5]
Quote HistoryQuoted: You have to get it appraised, get her to agree in writing, then pay her Half, right? In for the (horrible) details. Yeah but what is the best route for this? A cash-out refi or something else. There really aren't any details other than wife is tired of years of living with a functioning alcoholic and he won't do anything to correct the problem. |
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Posted: 7/27/2020 3:58:34 PM EDT
[#6]
Quote HistoryQuoted: One spouse buys the other out. If that can't be done sell the house. Why in hell would you want to own the home together if divorced? Ever here of moving on? I feel this question missed on you, please don't post anything else. |
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Posted: 7/27/2020 4:01:12 PM EDT
[#7]
Quote HistoryQuoted: You have to get it appraised, get her to agree in writing, then pay her Half, right? In for the (horrible) details. In my case we used realtors to value the house and agreed on the home value in mediation. This along with all other assets is outlined in your MDA (marriage dissolution agreement). Appraisers were only used when I went through the re-fi. |
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Posted: 7/27/2020 4:04:44 PM EDT
[#8]
Quote HistoryQuoted: Yeah but what is the best route for this? A cash-out refi or something else. There really aren't any details other than wife is tired of years of living with a functioning alcoholic and he won't do anything to correct the problem. Yes a cash out refi. They settle in mediation/court on who gets the house, and a value thereof will be set or agreed upon. Say house has value of $200k. Assuming equal split of all assets elsewhere, her share of the marital home is $100k. He refinances for $100k and the mortgage co cuts her a check for that amount. |
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Posted: 7/27/2020 4:05:15 PM EDT
[#9]
Quote HistoryQuoted: Yeah but what is the best route for this? A cash-out refi or something else. There really aren't any details other than wife is tired of years of living with a functioning alcoholic and he won't do anything to correct the problem. Quote HistoryQuoted: Quoted: You have to get it appraised, get her to agree in writing, then pay her Half, right? In for the (horrible) details. Yeah but what is the best route for this? A cash-out refi or something else. There really aren't any details other than wife is tired of years of living with a functioning alcoholic and he won't do anything to correct the problem. I can’t see why it would matter where the money comes from. The husband is gonna be screwed, whether it comes out of savings or the addition of debt. As far as taxes, they would be prorated, and then his responsibility going forward. |
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Posted: 7/27/2020 4:11:19 PM EDT
[#10]
Quote HistoryQuoted: I can’t see why it would matter where the money comes from. The husband is gonna be screwed, whether it comes out of savings or the addition of debt. As far as taxes, they would be prorated, and then his responsibility going forward. I'm not concerned about property tax at all, we have very low PT in AL. I should have been specific and was thinking about the IRS, but if she sells him her interest then I expect she won't owe any taxes due to income of the sale. And Gearhead I'm reading your post too, not ignoring you! |
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Posted: 7/27/2020 4:15:02 PM EDT
[#11]
Quote HistoryQuoted: Yes a cash out refi. They settle in mediation/court on who gets the house, and a value thereof will be set or agreed upon. Say house has value of $200k. Assuming equal split of all assets elsewhere, her share of the marital home is $100k. He refinances for $100k and the mortgage co cuts her a check for that amount. How were closing cost handled or split? |
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Posted: 7/27/2020 4:16:07 PM EDT
[#12]
Your attorneys can help you document this so that it is clear and that you don't have to go back for any approvals.
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Posted: 7/27/2020 4:23:53 PM EDT
[#13]
Quote HistoryQuoted: How were closing cost handled or split? It's all negotiable but i handled mine 100%. |
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Posted: 7/27/2020 4:25:36 PM EDT
[#14]
Quote HistoryQuoted: Your attorneys can help you document this so that it is clear and that you don't have to go back for any approvals. The person refinancing the home supplies the signed divorce decree and MDA to the mortgage company. No approvals or signatures from the other party are required. |
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Posted: 7/27/2020 4:27:19 PM EDT
[#15]
Quote HistoryQuoted: I'm not concerned about property tax at all, we have very low PT in AL. I should have been specific and was thinking about the IRS, but if she sells him her interest then I expect she won't owe any taxes due to income of the sale. And Gearhead I'm reading your post too, not ignoring you! Correct, assuming it's just a normal marital home (not a vacation home), no taxes owed for her share of the split. |
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Posted: 7/27/2020 4:27:51 PM EDT
[#16]
Okay thanks for the reply's. Sounds like a pretty simple thing to do then.
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Posted: 7/27/2020 4:28:37 PM EDT
[#17]
Quote HistoryQuoted: Correct, assuming it's just a normal marital home (not a vacation home), no taxes owed for her share of the split. Yeah this is correct! |
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Posted: 7/27/2020 4:31:43 PM EDT
[#18]
Quote HistoryQuoted: Okay thanks for the reply's. Sounds like a pretty simple thing to do then. Settling on value is often a difficult thing. |
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Posted: 7/27/2020 4:35:16 PM EDT
[#19]
Quote HistoryQuoted: Settling on value is often a difficult thing. Could be. However, that issue is not mine. |
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Posted: 7/27/2020 10:50:05 PM EDT
[#20]
Quote HistoryQuoted: Could be. However, that issue is not mine. Quote HistoryQuoted: Quoted: Settling on value is often a difficult thing. Could be. However, that issue is not mine. Three appraisals and average them is often as good as anything. |
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Posted: 7/27/2020 11:20:24 PM EDT
[#21]
Assuming the couple purchased the home together then each get 50% of the equity as an asset. The wife may choose to offset her share of the asset in exchange for another asset, e.g. her IRA if there is enough in it. The husband may also agrees to take on more of the marital debt if there is any in exchange for more equity in the house.
If there are no CS or alimony issues then the divorce is basically listing all of their assets and debts and dividing it up. |
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