Legal Question in Real Estate Law in Massachusetts
real estate and divorce
My husband and I will be divorcing. We own a home together that my mother gave us a 150,000. to purchase. I want to know if I can refinance and buy him out.
3 Answers from Attorneys
: real estate and divorce
If the two of you agree, I do not see why not. However, no matter what you do, it may have an impact when you file for a divorce.
This is meant to scare you. But if you are about to divorce, all these issues should be packaged as part of the divorce separation agreement. Otherwise, there is a potential for a problem.
If you need assistance, contact me.
Re: real estate and divorce
If you and your husband agree to your refinancing and buying him out, there is no reason you should not.
however, make sure that you do it as part of the final separation agreement as part of the divorce.
Re: real estate and divorce
The answer is yes. If you can get him to agree. If he does not agree you can have the property appraised and fight about the value. You can ask the court for an order that you retain the house and to pay him his share. How much you will have to pay him for his "share" of the house will depend upon many factors such as how long you were married, how much equity there is in the house, and what contributions you each made during the marriage; the 150,000.00 gift from you parents will also be a factor.
If you agree definitely put your agreement in writing in the separation agreement and get the agreement approved by the court-- before you pay him anything.
You should have an attorney-- the stakes are high.