Posted on: 23rd Jan, 2007 01:31 pm
i'm getting a divorce, is it financially smarter to file for divorce and include the house ( i'm keeping the house and buying out my wife) or file a quitclaim deed, refinance, pay her off, get her out of the house then proceed with the filing of the divorce. if waiting to file for divorce after the house buy out, can this come back and bite me in the butt????? can my wife come after me for more money or the house in the divorce paperwork??? thanks so much for all your great help!
Sam,
I hate to tell you this, but your question is really best addressed to a divorce attorney. From a purely financial standpoint, there is no difference in interest rate and closing costs if you do it now versus do it later. Perhaps another mortgage professional will point out that by quit claiming the property to remove your wife will pose a challenge to refinancing from a value standpoint, but I doubt it.
As to your primary questions, they relate to your liability and to discerning the amount to give your "ex-to-be" of the home's equity. Those questions should be asked of your attorney.
Good luck!
I hate to tell you this, but your question is really best addressed to a divorce attorney. From a purely financial standpoint, there is no difference in interest rate and closing costs if you do it now versus do it later. Perhaps another mortgage professional will point out that by quit claiming the property to remove your wife will pose a challenge to refinancing from a value standpoint, but I doubt it.
As to your primary questions, they relate to your liability and to discerning the amount to give your "ex-to-be" of the home's equity. Those questions should be asked of your attorney.
Good luck!
hi sam,
welcome to our forums.
whether you will first buy out your wife and then file divorce or choose to go the other way will depend upon a number of factors.
you can try to convince your wife and have her sign a quit claim deed and transfer property to you at the time of closing for the refinance. you need not sign a quit claim deed and then refinance. the deed can be changed at the time of refinance itself. then you can buy out her share of interest in property and file for divorce.
even after the buyout, if your wife claims for any interest in the property, then the court will decide as to whether she should be given any share of the property interest. the court may not give her a share of the property but ask you to offer her a certain amount of money considering her financial situation. but if she does not claim the house, then you may keep it.
the whole thing will depend upon how you place your case in the court, what your wife claims and how the court handles the situation. do take help from an attorney while you file the divorce.
good luck!
caron.
welcome to our forums.
whether you will first buy out your wife and then file divorce or choose to go the other way will depend upon a number of factors.
you can try to convince your wife and have her sign a quit claim deed and transfer property to you at the time of closing for the refinance. you need not sign a quit claim deed and then refinance. the deed can be changed at the time of refinance itself. then you can buy out her share of interest in property and file for divorce.
even after the buyout, if your wife claims for any interest in the property, then the court will decide as to whether she should be given any share of the property interest. the court may not give her a share of the property but ask you to offer her a certain amount of money considering her financial situation. but if she does not claim the house, then you may keep it.
the whole thing will depend upon how you place your case in the court, what your wife claims and how the court handles the situation. do take help from an attorney while you file the divorce.
good luck!
caron.
