• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

What to do about house?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

sycamore42

Junior Member
Hi, my husband are divorcing and the only thing we own together is our townhouse (we always had separate bank accounts, etc.). We decided he is keeping the house and we want to figure out how to make sure that I get my share when he eventually sells it. Right now, because of the housing market, I would get nothing because it is worth much less than what we paid for it (actually, we have a 30-year mortgage). So I want to wait until there is some value in it.

We are handling everything else ourselves (on legalzoom.com) because it is a simple case. But can I hire a lawyer to handle just the house part? Or do they need to be doing the whole divorce?

Thanks!
 


Golfball

Member
Hi, my husband are divorcing and the only thing we own together is our townhouse (we always had separate bank accounts, etc.). We decided he is keeping the house and we want to figure out how to make sure that I get my share when he eventually sells it. Right now, because of the housing market, I would get nothing because it is worth much less than what we paid for it (actually, we have a 30-year mortgage). So I want to wait until there is some value in it.

We are handling everything else ourselves (on legalzoom.com) because it is a simple case. But can I hire a lawyer to handle just the house part? Or do they need to be doing the whole divorce?

Thanks!
It is best to consult with an attorney licensed in the state of the divorce proceedings. (You don't state which state you are in, but you really should. It helps the posters here help you. especially since what you could be entitled to will vary from state to state. You could (if your mortgage is underwater) end up owing your stbx money potentially, but this depends on the state. Your state of divorce proceedings will also determine when the divisible value of the house is set.)

There is also the question of whether reasonable costs of a sale are deductible in your state, regardless of whether the party left in possession of the house is intending to reside there or not. (Some states allow deducting of sale costs from the value of the house, some states require that the party or parties controlling the house be intending to sell, and make efforts towards that goal.)

Also, if your name is currently on the mortgage, any divorce, separation, quitclaim, or similar transaction/event will not remove your name for the mortgage, nor absolve you from liability until the property is sold (and the mortgage balance paid as part of the transaction) or the loan refinanced without your name attached. Your loan servicer is not party to your divorce.

One other thing: Make sure the disposition of the escrow refund (if any) is noted in your documentation, and make sure the magic word "escrow" is in there (and used appropriately). This will ensure that your stbx does not have to chase you down later to get at the escrow funds.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top