If you decide to get a loan, make sure you have enough cash to cover the loan payments, taxes, insurance, and repairs for the house. If that’s the case, you’ll need to secure a loan to pay your former spouse their share of the equity. You will need your ex to sign a quitclaim deed to remove their name from the property.Īnother thing to consider is that you may not have enough assets to offset the home’s value. When you choose to offset your ex’s half of the existing equity in the home, it doesn’t remove their name from the mortgage or deed. If you do not have enough cash to offset the cost of the home outright, then you may need to give up your claim to other marital assets, which can include, but are not limited to: In this scenario, you will typically be responsible for paying the $150,000 to your ex for their share of the equity built up in the house. You decide you want to keep the house, and your ex agrees to let you keep it. Suppose you and your ex have $300,000 equity built into your home. Here is an illustration of what that means: When you want to keep the house following a divorce, you may need to use your other assets to offset your ex’s share of the equity in the home. The court typically divides the equity in the house. When you divorce, the home is likely the most significant and most valuable joint asset controlled by your state’s division of property laws. How to keep the house in a divorce if it is paid off
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