Equity Buyout

[mystrysslyn]

What is the name of your state? KY

My husband and I moved to KY from FL two years ago and now I wish to return to Florida, and he wants to stay in Kentucky. Our house, a boat, two motorcycles and both vehicles are paid for. My husband wishes to retain our lakefront home. Can he buy me out of everything, by refinancing the house or does everything have to be sold and then split up when we divorce? We have no dependant children, only us two. Thank you.

 

[LdiJ]

What is the name of your state? KY

My husband and I moved to KY from FL two years ago and now I wish to return to Florida, and he wants to stay in Kentucky. Our house, a boat, two motorcycles and both vehicles are paid for. My husband wishes to retain our lakefront home. Can he buy me out of everything, by refinancing the house or does everything have to be sold and then split up when we divorce? We have no dependant children, only us two. Thank you.

The two of you are free to arrange the settlement any way that you like as long as you are in agreement.

If he is financially able to refinance and buy you out then yes...absolutely...you can do it that way. (Make sure of course that he refinances in just his own name...and that you don't sign any quit claim deeds until you are paid)

 

[nextwife]

Likely, if he refinances to do a buyout, the deed will be needed to complete the refinance. But this deed can be held by the title company to be released upon disbursement of funds paying you off and paying off the current mortgage. THe QC and refi generally happen simultaneously.