Division of The Marital Home In Divorce
There are diverse ways to tackle the issue of what happens to the marital home. First and most obvious, the home can be sold with the benefits being split somehow by the parties. Secondly, a party can buy out the interest of the other party. This can be done by acquiring the fair market value from three reputable realtors and taking the average.
The party who will remain as the sole owner can refinance the mortgage debt to remove the nonowner from any liability. Additionally, the party being bought out should quitclaim deed whatever interest he or she has in the property at the
time of refinancing. The quitclaim deed should then be properly recorded with the County Recorder.
Thirdly, the parties can agree to remain joint property owners until some specific date or time frame (for instance, when the youngest child completes high school). Upon the happening of that date or time frame, it can be dictated as to what will happen with the home, property.
One party may receive one-half of the equity that was present at the time of dissolution. It is also possible that one party will receive one-half of the equity at the time of sale or refinance. As you can see - the possibilities are endless, and they are only limited by the imagination of the parties and their attorneys.
Regardless of what is ultimately decided, make sure that the Settlement Agreement is highly detailed. There should be no confusion about who shall pay the mortgage, taxes, insurance, and utilities until the property is effectively divided. An accomplished Property Division Lawyer can make things easier for you.
Family law disputes can be distressing & daunting. However, before taking on to divorce, order modification, child custody, or all other important legal matters, it would be smart & helpful to get the best legal advice. Contact the office of Fizer Law, the finest Property Division Lawyer in Long Beach, at 1~562~270~9944.