My husband and I own a home together. I have stayed in the home, while he has moved out. We are amicable. We still have a joint savings account which we intend to divide 50/50. I contributed to his student loans and we have agreed on splitting the amount paid 50/50. We do not want to touch each other’s 401ks. We do not have an MSA signed, but we have agreed on these things verbally. We have been separated for 6 months.
I am at the point where I need to take steps to refinance the home and take his name off the title. I understand I need an appraiser but I don’t know what to do first. What step should I take first and what process should be followed? Thank you
You will need to enter into a separation agreement to make the agreed upon terms binding and enforceable. You will want to include that the marital residence is to become your sole and separate property and that your husband shall cooperate as needed in order for you to refinance (i.e. sign a deed, sign a free trader agreement, etc.).
In conjunction with the separation agreement, go ahead and reach out to mortgage lenders about their requirements to refinance. Oftentimes your husband can sign the deed and free trader contemporaneously with the refinance rather than before. Don’t get an appraisal done until you have direction from your lender about when to have that done.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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