Legal Question in Family Law in Massachusetts
Property
How does the ''buy out'' of a home jointly owned occur? Both of our names are on the mortgage and if the divorce happens I would like to buy out my wife from the property. she has no intention of wanting it for herself.
2 Answers from Attorneys
Re: Property
If you have sufficient assets, or credit, a buyout can occur when one spouse agrees to pay the other spouse their share of the equity as a part of the marital dissolution and division of marital property. Your ex-wife would then deed her share of the property over to you.
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Re: Property
If you are not yet in court for the divorce, that is good. Agree now, before lawyers and the court are involved, to get 1, 2, or 3 independent real estate brokers to appraise the house.
Learn what "asking price" they would put on the house. Divide in half and buy your wife out, record the deed. (Because it is passing from wife to husband, there might not be any cost, I am not sure, but ask the Register of Deeds.)
That takes one issue -- the division of real property -- away from the court and away from the lawyers.
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