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.