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.

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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.

Can A Divorce Court Judge Force The Sale Of The Marital Home?

By Robin Roshkind, Esquire, West Palm Beach, Florida

The answer is yes…if the parties cannot agree between themselves what to do with the marital home, the divorce court judge can order that the marital home be sold in the prevailing marketplace, and at fair market value, with the net proceeds, if any, split between the parties, as well as any dificiencies.  Usually the split is 50/50, but there are certain circumstances under which the divisionof net proceeds or dificiencies may be unequal.

For example, if the wife proves in court that the husband has spent substantial amounts of money on a paramour, or gambling habit, or drugs.  This is called marital waste or dissipation of marital assets.  Another example is where a spouse sold a home prior to the marriage and then used those funds to purchase the marital home, when the marital home sells, the spouse gets that premarital money off the top before a distribution.  In other words, where the case calls for an unequal split of the  marital estate, the net proceeds or dificiencies from any sale of property may be less than equal.

There are several other ways in which a marital home can be dealt with in divorce court.  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 www.familylawwpb.com for more information.

How The Current Real Estate Market Effects Divorce And The Marital Home

By Robin Roshkind, Esquire, West Palm Beach, Florida

It used to be that divorcing couples would fight and litigate over which one of them would get to stay in the marital home.  Today, because homes have lost up to 30% or more of their value, now divorcing couples are fighting over who will not get the marital home.

But this is something to reconsider…if one spouse is going to buy out the other and stay in the marital home, the “buying” spouse is getting a bargain…due to the deflated value of the home.  And that is determined by the fact that there is some equity remaining…if there is no equity, as in the house being under water, there is nothing to buy out except assuming the debt.

Assuming debt is a fair deal, because the remaining spouse will continue to  live there and should pay for it.  For more information on 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 www.familylawwpb.com for more information.

Divorcing Homeowners May Have Serious Problems

By Robin Roshkind, Esquire, West Palm Beach, Florida

If you are divorcing in Palm Beach County, Florida, and own a home that your spouse  is going to keep, if there is a mortgage on that home, it could cause problems for you.  Here is why:  your spouse is going to buy you out of any equity in the home.  In order to do that, he/she needs to refinance the home.  He/she may not qualify, so for you to get your check, you may need to co sign a new mortgage, which leaves you liable if your spouse defaults.

In another scenario, if there is NO EQUITY in the marital home, and your spouse is going to keep the home and live there,  you will need to quit claim deed the home to your spouse.  Just because the home is now hers/his, does NOT release you from your original liability of the original mortgage you both took out as a married couple.  UNLESS your spouse can qualify for a new mortgage, by way of a refinance, on his/her own, you will still be liable to the lender for the original mortgage on a home you do not own, if your spouse cannot or will  not pay the obligation.  In other words your good credit may be at the mercy of your ex.

It used to be that divorcing couples would fight over which one of them keeps the marital home.  Now couples are fighting over which one of them does not keep the marital home.  From the lender’s standpoint, nothing has changed unless there is a refinance in the sole name of the spouse who is going to live there.   The only other alternative is a short sale to a third party.  Should that occur the deficiency belongs to both of you.

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 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.

Foreclosure, Short Sale, and the Divorce

By Robin Roshkind, Esquire – West Palm Beach, Florida

When spouses are angry enough at each other resulting in a vindictive, hateful divorce, their finances often suffer.  Who pays for what becomes a huge bone of contention.  The mortgage payment is the first to go, especially if the paying spouse is the one to move out pending resolution of the divorce, and there is no build up of equity.  Aside from getting a court order for the spouse to continue paying, there is something else you can do to avoid foreclosure proceedings.

Together with your spouse, put your house on the market.  If you get a buyer at any price, perhaps the lender will consider a short sale.  If your spouse won’t agree to sell, you may be able to obtain a court order directing the listing and sale.  If both names are on the deed to a home, a listing agreement must contain both signatures. 

This Firm co-counsels with a board certified real estate lawyer in Palm Beach County to help our clients achieve listing and short sales.  Do something today to avoid foreclosure tomorrow.  For more information, see our Firm’s web site at www.familylawwpb.com or call Robin Roshkind, P.A. at 561-835-9091 for a consultation with one of our attorneys.