What Does A Quit Claim Deed Do?

By Robin Roshkind, Esquire, West Palm Beach, Florida

In divorce settlement cases, we often use a legal instrument called a quit claim deed to convey real estate between married couples getting a divorce.  The facts are as follows:  Either the husband or the wife decides/agrees to convey his/her interest in the marital home (or any other real estate) to the other party.

For example, let’s just say the husband is going to take a job offer out of state.  He is willing to convey his interest in the marital home , while concurrently, the wife will refinance the mortgage to remove his name from the liability and provide him with a buy out check for his half of the market value of the home.   In this example, the quit claim deed awards the wife the home in its entirety while the concurrent refinancing removes the husband from the debt service and provides cash for his share.

In cases where refinancing is not possible, due to no equity in the home or the wife in this example does not otherwise qualify, then the lawyers will hold the quit claim deed in escrow until such time as there is a refinance.  Quit claim deeds are instruments of conveyance of real estate, and should be recorded in the property records department in the jurisdiction where the property is located. For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com.

 

How To Handle Debt In Palm Beach County Divorces

By Robin Roshkind, Esquire, West Palm Beach, Florida

There are many forms of marital debt:  credit cards, mortgages, car loans, home equity lines of credit, business debt, and loans from parents and others.

It can be a complex exercise to equitably divide up the marital debt.  What if the couple have been living separate and apart for two y ears?  What if the marital home is under water in terms of loan to value?  What if one car is paid for and the other is not?

There are many issues involving debt and divorce.  The best advice I can give you is to know what your financial situation is and then consult with one of the divorce lawyers at ROBIN ROSHKIND, P.A. on how to resolve the debt issues in a divorce situation.  Call for a consultation at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com for more information.

Three Or More Things To Do With The Marital Home In Divorce

By Robin Roshkind, Esquire

You generally have three options for the marital home, if you are getting divorced.  But there are some other things you can agree to with your spouse regarding the house.   Here are some options I use for my Palm Beach County clients who own homes here:

Options 1 and 2.    If the home has any equity at all, either you buy out your spouse (at a bargain rate these days) and then refinance to get your spouse removed from the mortgage, OR your spouse buys you out and refinances to get your name off the mortgage.  Either way, one of you keeps the home totally releasing the other.

Option 3.  You get divorced and stay real estate partners with your X.  One of you can live there and pay the mortgage on behalf of both and get a credit at the back end years later, when you both agree to sell.

Option 4.  You are getting divorced and you both list the home for sale.  You split any net proceeds.

Option 5.  You are getting divorced, your spouse has moved out and on, and you just live in the home until the bank takes it away in foreclosure.

Option 6.  You are getting divorced and both of you cooperate to do a short sale.

Option 7.  One of you lives in the home with the minor children until they go to college.  The other splits all mortgage payments, taxes, insurance.  The resident spouse pay maintenance and utilities.

Option 8.  You both live in the home until it goes into foreclosure.

Option 9.  You both move out and on and rent the house out to a third party.  The rental should cover all your expenses and if there is any profit it is split.

I am sure you can get more creative with sale and leaseback situations or other good ideas, but these are the most common given todays real estate market in Palm Beach County.   For more information call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com  for more information.

Do I Need A Divorce Lawyer To Get A Divorce In Palm Beach County?

By Robin Roshkind, Esquire, West Palm Beach, Florida

The answer is it depends.  Legally, you do  not need a divorce lawyer.  Your life is at stake, but this is not criminal court.  If you have virtually nothing to divide, no children to worry about, you can probably do your own divorce.

However, if you have a claim for alimony, or a defense to it, or have children, or assets and debts to fight over, chances are you need counsel.  The more issues there are between the husband and the wife, the more likely there is a disputed issue (or several) and you will want someone on your side.

Additionally, you might want other professionals to assure that you will get what you are entitled to.  That could be a CPA or even a psychologist.  For more information, come in for a consultation.  Call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com.

Should You Just Let The House Go?

By Robin Roshkind, Esquire, West Palm Beach, Florida

Many of my divorcing couples are facing the real estate market with marital homes that are under water…the mortgage owed is more than the home is worth at fair market value at today’s prices.  What to do?

Refinancing is one option.  The spouse who wants to remain in the home refinances, if she or he qualifies, and gets the other spouse’ name off the mortgage.  The other spouse simulaneously quit claim deeds the home to the refinancing spouse.  No money is exchanged if the home is  under water.  If the home has equity, the refinancing spouse buys out the other spouse with a bargain basement check at closing. 

Mortgage modification is another option.  Both husband and wife need to speak to the lender for a mortgage modification.  They are both stuck on the note until the home sells, even after the divorce is final, but at least it is more affordable until then.

Foreclosure is another option.  Now because there are so many foreclosures, it takes so long to be evicted, you can live mortgage payment free for almost a year or sometimes even longer.   This is an option many divorcing couples are choosing.  Just know that it ruins any good credit you may have and that has ramifications long term.

For more ideas about what to do with the marital home during divorce in Palm Beach County, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at www.familylawwpb.com.

Divorce Has Changed With The Economy

By Robin Roshkind, Esquire, West Palm Beach, Florida

It used to be that husbands and wives would fight in divorce court over which one of them is going to keep the marital home.  Now, with mortgages being more than the house is worth, couples are fighting over who is NOT going to keep the marital home.

Also, couples sometimes get their divorce but remain real estate partners for a time to be determined later because they do not wish to sell the marital home in this poor market.

With the job market being so tight, couples who are in a marital business together, are staying together in that business AFTER their divorce, because jobs are scarce.

The moral of the story is not to burn bridges…an amicable divorce is always better than a nasty divorce, because you just never know what can happen.  In today’s economic environment, couples may have to collaborate on much more than their collaborative divorce.  Certainly where children are involved, you stay “married” to your ex for at least as long as the children are minors.

  If you are thinking about getting divorced in Palm Beach County, Florida, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561-835-9091 or click on the Firm’s web site at www.familylawwpb.com for more information.

Marital Homes Cause Problems In Divorce

By Robin Roshkind, Esquire, West Palm Beach, Florida

It used to be that divorcing couples would fight over who would get the parties’ biggest asset, the marital home.  With today’s economy, now couples are fighting over who won’t get the marital home.  This is because the house is worth less than what is owed on it.  In other words, the marital home is under water.

If both names are on the mortgage, both the husband and the wife will suffer.  Should the house go into foreclosure both parties lose good credit.  If one of the spouses stay there, he/she is paying more than the home is worth.  And the other spouse cannot get his/her name off the mortgage in order to buy another home.   I have seen this cripple the departing spouse who wants to get on with his/her life.

Until the real estate market improves, everyone will suffer the consequences of a bad real estate market.  The best you can hope for is an amicable settlement and let it play out if one of the spouses can eventually refinance.

If you are thinking about divorce and live in Palm Beach County, Florida, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561-835-9091 or click on the Firm’s web site at www.familylawwpb.com.

Divorce, Foreclosure, Bankruptcy…it’s a new year, a new you.

By Robin Roshkind, Esquire, West Palm Beach, Florida

This past year saw gas prices at an all time high, residential construction and housing at an all time low; builders, decorators, mortgage brokers, real estate agents, roofers, pool companies, car dealers/salesmen, and lots of others all out of customers and out of work.   Not to mention what has happened on Wall Street, and to our retirement portfolios. 

So it is not surprising that my law practice has seen more clients go through more divorces, foreclosures, and bankruptcies than ever before.  People have problems and stress.  If husbands and wives are relentlessly fighting (usually over money), relief is sought by divorce.  If the mortgage (or car payment) can’t be paid, the bank will relieve you of that obligation by foreclosing.  If you are seriously in debt, having run up those credit cards, bankruptcy is your recourse. 

While the picture is not pretty, neither was Year 2008.   It is time to plan for the future.   While I am hardly a doomsayer, I just throw out those three words: divorce, foreclosure, bankruptcy, as real legal options.  You have options.  And with options comes hope for a brand new beginning.  

For more information click on the Robin Roshkind, P.A. website at www.familylawwpb.com or consult with one of the Firm’s attorneys by calling 561-835-9091.

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