Tag: mortgage

When I got married, I moved into my wife’s house. We are now getting divorced and I want to keep the house. Do I have any rights to it?

Wife Divorce Divorce Law

When I got married, I moved into my wife’s house. We are now getting divorced and I want to keep the house. Do I have any rights to it?

Unless the house was re-titled in your name it is most likely separate property and will belong to your wife. If you contributed to the mortgage or other upkeep, you may get some credit in the economic portion of your divorce; however, you have no claim to the house itself.

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I separated from my husband, moving out of our home almost a year ago. The home was bought in my husband’s name. Should he fall behind in payments, will I be held responsible?

Husband Payments Responsible Divorce Law

I separated from my husband, moving out of our home almost a year ago. The home was bought in my husband’s name. Should he fall behind in payments, will I be held responsible?

Spouses cease to be responsible for joint debts after separation. Separation is defined as either actual separation or legal separation. However, if the mortgage was taken out after you were married, you are both responsible (legally) even though your name’s not on the loan. If it was taken out before the marriage, it’s his separate debt.

As a practical matter, write the mortgage company and ask them to give you a letter stating that they will not hold you liable for the mortgage. If they refuse, then file for separation or divorce and ask that he be required to refinance the house so that you can’t be held responsible in any way.

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When my spouse and I separate who pays the expenses prior to the divorce?

Divorce Expenses Divorce Law

When my spouse and I separate who pays the expenses prior to the divorce?

In Virginia a spouse can petition the court for pendente lite (pending the litigation) support after filing for divorce and up to the entry of a final decree. The court may also allocate the cost of maintaining the marital estate, such as the mortgage on the marital residence between the parties. It takes various factors into account such as income and financial assets available to the parties. The courts vary significantly from area to area in what they will award. The amount of pendente lite support is usually not taken into account in the final division of assets or support.

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How can I figure equity in our home to buy my husband out of the house? Are sales expenses and commission taken into account?

Equity House Expenses Commission Divorce Law

How can I figure equity in our home to buy my husband out of the house? Are sales expenses and commission taken into account?

The first step is to get the currently appraised value of the house by a qualified residential real estate appraiser less the mortgage and any other liens on it. That’s the equity in the house.

Now if you sold the house, both of you would share the commissions and sales expenses. You’d get 1/2 of the balance, after commissions. If you want to buy it from him, it probably is a negotiation issue. While you’d try buy it at 1/2 the equity less all of the sales commissions, likely fix up costs, and taxes that have to be paid until the sale, the other side would say if you want to buy it, there is no sales commission and no fix up expense involved, so why should you get a discount?

A reasonable compromise is 1/2 the equity less 1/2 of what the normal sales commissions would be and 1/2 of what the essential fix up would be.

You’d also want to get a low appraisal and he would want a high appraisal, and as all appraisals are really just estimates (only an actual sale would give the exact price), that may be the hardest part. Some folks agree on a single appraiser, others each select one and split the difference or have the 2 select a 3rd.

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