Who gets the house in a divorce settlement? - Child Custody Law Questions and Answers- LawQA.com

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Who gets the house in a divorce settlement?

Me and my wife are going to get a divorce. We own a house together. I want to keep it and she doesnt want anything to do with it. Do I need to re finance the house to get credit on my taxes?

Answer By Roy L. Reeves
Reeves Law Firm, P.C.
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There are two ways to do this: One, you take over payments, pay off the house, the other way, you refinance. Refinance is the easiest and cleanest way. She needs to give you a Special Warranty Deed, you need to give her a Deed of Trust to Secure Assumption, plus the Decree needs to provide minument of title just in case.

Answer Applies to: Texas
Replied: 6/6/2011

Answer By David Hoines
David Hoines Law
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Mortgage deduction goes to who pays the mortgage.

Answer Applies to: Florida
Replied: 6/5/2011

Answer By John C. Volz
Law Office of John C. Volz
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Yes, you would need to refinance the house and each of you would sign a settlement agreement confirming the house to you.

Answer Applies to: California
Replied: 6/3/2011

The Grigsby Firm
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There are a few questions to consider first. Are both names on the mortgage and deed? If both are on the mortgage the house will have to be refinanced in your name alone to remove her from the mortgage. If she is only on the deed the process is much simpler. Oer considerations include whether there is equity in the house or not.

Answer Applies to: District of Columbia
Replied: 6/2/2011

Howard W. Collins, Attorney at Law
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Very good question. The quick answer is if you are awarded the house but the debt remains in your names jointly, a provision in the Judgment of Dissolution can be included that awards you the tax benefits of interest and property tax write offs. There is more to all of this than just your question, but I hope this answer helps.

Answer Applies to: Oregon
Replied: 6/2/2011

Theodore W. Robinson, P.C.
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The house represents marital property if it was bought during the course of the marriage and the money that went into it was joint funds. To "get it" you'll have to either pay her half of what its worth or refinance it to do so. It has nothing to do with your taxes. That's a different matter for whenever you sell it. Good luck.

Answer Applies to: New York
Replied: 6/2/2011

Seattle Divorce Services
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Under Washington law, if you can't agree on who gets the house, then the court will decide. But if both of you agree that you should keep the house, then you can make that part of your settlement. If the house is going to you, your wife will likely want to refinance to take her name off of the mortgage. In terms of the tax implications, consult with a CPA, but I believe you would claims the deductions if you are the one making the payments after the divorce.

Answer Applies to: Washington
Replied: 6/2/2011

Law Office of Robert L. Fiedler
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Typically, if one person keeps the house, they need to make sure title is only in their name and if there is a mortgage that is only in their name. Typically that requires a quit claim deed and a refinancing of the current mortgage. As far as "credit on my taxes", I am not sure what you are asking.

Answer Applies to: Connecticut
Replied: 6/2/2011

Answer By Maury Beaulier
Beaulier Law Office
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A court will decide how assets are divided if the parties are unable to reach an agreement. Where the parties own real estate, the property may be awarded to one party. However, that may require refinancing the mortgage to remove any obligation by the other party and paying out one half of any equity accrued in the property either through refinancing or an exchange of other property of like value.

Answer Applies to: Minnesota
Replied: 6/2/2011

Beresford Booth PLLC
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In Washington State, the court will make a fair and equitable division of all assets/liabilities. Refinancing the home is not a requirement but preferred.

Answer Applies to: Washington
Replied: 6/2/2011

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