House liquidation after divorce

[aephilli]

What is the name of your state? Florida
House purchased during marriage, upon divorce husband cannot force the wife to wait for her share of the equity until he decides to sell can he? No dependants, so therefore no need for either party to continue living in the house.

[moburkes]

Originally Posted by aephilli

What is the name of your state? Florida
House purchased during marriage, upon divorce husband cannot force the wife to wait for her share of the equity until he decides to sell can he? No dependants, so therefore no need for either party to continue living in the house.

Why can't either party live in the house? But, no, the person who has moved out should not have to wait for his/her share of the equity. However, if the party who stays in the house doesn't have the credit to refi, OR the house doesn't sell, ...

[JETX]

Originally Posted by aephilli

House purchased during marriage, upon divorce husband cannot force the wife to wait for her share of the equity until he decides to sell can he?

Of course he can. That is why you should have (if not) negotiated a time frame for sale in your divorce agreement.

[aephilli]

Sorry I wasn't clear, no NEED for either party to continue residing in house (no kids). Divorce proceedings have not started yet. Husband says that if she divorces she would have to wait until he decides he wants to sell to receive her half of equity (house almost completely paid off). He says that means he lives there until he dies and she can't force sale or buyout. So he says if he outlives her, she gets nothing from the (18?) years of paying the mortage while married.

[moburkes]

He's full of sh!t. She can request that he refinance the house by xx date OR place the house for sale, if the refinance doesn't occur by said date.

Are there any outstanding debts? She can ask him to pay her share of the outstanding debts in exchange for some of the equity. He can get a 2nd mortgage.

Make sure, though, that whatever route they go, her name is no longer on any of the bills that he is responsible for, but don't quit claim the house until she receives her share of the equity.

[LdiJ]

Originally Posted by aephilli

Sorry I wasn't clear, no NEED for either party to continue residing in house (no kids). Divorce proceedings have not started yet. Husband says that if she divorces she would have to wait until he decides he wants to sell to receive her half of equity (house almost completely paid off). He says that means he lives there until he dies and she can't force sale or buyout. So he says if he outlives her, she gets nothing from the (18?) years of paying the mortage while married.

I agree 100% with Moburkes. He is full of it. However she needs to get the judge to specifically order that the house either be refinanced by XX date, or must be put on the market.

Hopefully that will solve the problem. However, if he is stubborn about it, he can make it difficult to sell, and it may take a couple of trips back to court before he sees the light. She absolutely must NOT sign a quit claim deed until they are at the closing table for the sale or refinance.