Property question

[deanoamino]

I am getting a divorce in MN. My wife and I own a house, both our names are on the deed but only mine is on the loan. I intend on letting her keep the house provided she can find a way to get the loan into her name. How should I word this in the divorce papers?

 

[candg918]

You need an attorney. Doing things incorrectly will cost you many times the attorney's fees you are trying to save.

 

[LdiJ]

I am getting a divorce in MN. My wife and I own a house, both our names are on the deed but only mine is on the loan. I intend on letting her keep the house provided she can find a way to get the loan into her name. How should I word this in the divorce papers?

I agree that you probably would be better off with an attorney, however you would put in a requirement that she has to refinance the house into her own name within a certain amount of time, and if she is unable to do that, then the house would have to be sold.

You would also put in a requirement that you would have to give her a quit claim deed at the closing of her refinance.

How much time you give her to refinance would depend on the logistics of the whole matter.

 

[mistoffolees]

I agree that you probably would be better off with an attorney, however you would put in a requirement that she has to refinance the house into her own name within a certain amount of time, and if she is unable to do that, then the house would have to be sold.

You would also put in a requirement that you would have to give her a quit claim deed at the closing of her refinance.

How much time you give her to refinance would depend on the logistics of the whole matter.

The problem arises with the 'house must be sold' part. Who determines the price? What if there's an offer that one of you wants to accept, but the other does not? Who is responsible for keeping the house nice? What happens if she scares prospective buyers away so that she can stay in the house? There are a lot of issues that need to be considered.