What is the name of your state? Massachusetts
My husband and I want to sell our house due to a divorce. We have not done any legal proceeding regarding the divorce and thus are still legally married. We need to sell the house so we'll have money to live separately. He wants to buy the house from me. His name only will be on the mortgage and deed. We have had an appraiser look over the property to get an idea of it's value. If he can get approved for a mortgage for 80% of the house cost we've agreed to pay off the current morgage and expenses and split what is left. I will look for a condo to purchase with the money I get from the sale. Does all this make sense? Since we have 2 children,(ages 18 & 13) how will a divorce court look at this arrangement? Since we are still married, how does the sale effect taxes (state and federal)?
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My husband and I want to sell our house due to a divorce. We have not done any legal proceeding regarding the divorce and thus are still legally married. We need to sell the house so we'll have money to live separately. He wants to buy the house from me. His name only will be on the mortgage and deed. We have had an appraiser look over the property to get an idea of it's value. If he can get approved for a mortgage for 80% of the house cost we've agreed to pay off the current morgage and expenses and split what is left. I will look for a condo to purchase with the money I get from the sale. Does all this make sense? Since we have 2 children,(ages 18 & 13) how will a divorce court look at this arrangement? Since we are still married, how does the sale effect taxes (state and federal)?
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