Common Questions About Divorce Real Estate Orange County CA Couples Ask
by Kevin Parker
If you have been married for awhile, and are getting divorced, you and your spouse probably have a number of joint assets. Most of the time divorces require that those assets be divided between the two parties. That's not always easy. When it comes to the family home for instance, the only way to divide it is to sell and distribute the cash profits. You may be wondering if this is the best idea. This and other common questions about <a href="https://www.meritagerealtyinc.com/services/">divorce real estate Orange County CA</a> attorney hear usually have multiple answers.
Whether or not to sell your home depends on a variety of factors. You and your spouse can decide to hold the asset jointly. This might work as long as you are both communicating.
This is probably not a solution for the long term however. If you're determined to live in the house, you need to realistically consider whether you have the financial means to make the monthly mortgage, tax, and insurance payments. You will also need the funds to maintain the residence.
If you have determined that you are financially capable of maintaining the house both financially and physically, your next step is to determine what it will take to buy your ex-spouse out of his share. A lot of times the custodial parent wants to stay in the family home in order to give the kids a feeling of continuity and security. There are a number of ways to come up with the cash necessary to keep the house in your name only.
If buying him out completely right after divorcing is beyond your means, you might have a discussion with him about a deferred sale. With this arrangement, you and your children stay in the home as long as they are underage. Once the kids reach legal age, you have to sell the house.
This can work, at least temporarily. It can become a problem when your ex finds a house of his own he wants to buy. Since his name is already on one mortgage, getting approved for another one will be difficult.
If you're going to buy out your spouse, you need to refinance your mortgage. You can get his name off the deed, but getting it off the existing mortgage is another matter. Both you can have credit problems if one or the other of you has problems making the mortgage payments. You will have to qualify for the loan on your own however, and may end up with a higher interest rate. One idea is for you and your ex-spouse to continue to own the home jointly until you can get the house refinanced in your name.
When you've decided to sell you might be tempted to advertise it as a divorcing sale. This is almost always a mistake. Prospective buyers will automatically assume you have to get rid of the property and will take whatever you can get for it. Instead of realistic offers, you will probably be inundated with lowball ones that are too unrealistic to bother negotiating.
Get a summary of the things to keep in mind when picking a <a href="http://www.meritagerealtyinc.com/services">divorce real estate Orange County CA</a> agent and more information about an experienced Realtor at http://www.meritagerealtyinc.com/services today.
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