Legal Question in Family Law in Rhode Island
Buying home from divorced partner
We are facing divorce and rather than both of us finding a new home, one of us may ''buy the other out''. Our ONLY joint debt totals $165K (current mortgage and equity line) No other debt. How does one of us go about ''buying the other out''? (i.e. the house could easily sell for $400K) If one of us were to buy the other out, are there legal limits as to how much the house can be sold for between the two of us? (neither of us wants to burn the other and we want it to be done fairly but affordably for both of us) Your advice is both welcomed and appreciated.
1 Answer from Attorneys
Re: Buying home from divorced partner
To "buy-out" another's interest in real property, whether a spouse or otherwise, the seller signs a deed conveying the seller's interest to the buyer. This is not expensive from a legal/drafting perspective. Out of an abundance of caution, I would suggest at least a "deed forward" title search, just to make sure there are no unexpected liens.
Attention must be paid, however, to the overall context of the divorce, however. Put differently, while the conveyance itself is straightforward, you each should consult with your respective divorce counsel. Indeed, your divorce counsel likely would be happy to prepare the conveyance documents necessary, perhaps as part of an overall property distribution agreement.
Best wishes and good luck,
Scott Summer
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