Dividing Up the House


#1

My husband and I have been separated for just over a year and I am ready to get this divorce finalized. We own a house together, both our names are on the deed and the mortgage. I have moved out and he has stayed in the house and wants to keep it. I have no problem with that. What is the process to get my name off the deed and the mortgage. Does he have to buy me out? I’m pretty sure he cannot afford to buy me out so can we agree on a certain amount that he has to pay me and I then sign the deed over to him or something? Does he then have to refinance to get the mortgage in his name only?


#2

You husband will need to refinance the mortgage into a new loan or loan(s) in his sole and separate name. You would sign over a deed at the closing on the new loan. He will need to pay you for your share of the equity, and most folks roll that amount into the loan to get the funds for the buyout. You can agree on any amount you wish.