I AM GETTING A DIVORCE AND I WANT THEIR NAME OFF OF MY HOME

In a divorce one of the most contentious issues is usually the marital home.  The home is a marital asset if purchased during marriage, regardless of whose name is on the mortgage or title.  This means that during the divorce you will have to decide who gains possession of this asset or if the property is to be sold.  If the property is to be sold it is essential that the language in the settlement agreement is specific and details the time frame, procedures and division of equity, if any.   If one party seeks to gain possession of the home there are several matters to consider.  First, is there any equity in the home, you should have an appraisal done by a professional to determine what the actual fair market value is of the home.  If there is equity, the party not maintaining ownership may be entitled to a portion of this equity.  If there is no equity you may want to consider if you really want to continue to maintain and investment that is not worth the value for which you are paying.  Next, consider whose name is on the title and mortgage.  Most marital homes have both parties included, which means the person keeping the home will have to take the others name off of title and mortgage.  The only way to do this is through a quitclaim and refinance.  You can quitclaim your title interest in the property to another, this is ownership; however, if there is a mortgage the lender does not care who is on title or who is living in the property.  They will hold those on the security deed and note(mortgage) responsible.  This means you will need to refinance the loan in your name alone to remove the other party.  If this is not feasible you may want to consider keeping the home as the court usually gives a specific time frame to accomplish this, usually 1-3 years.  If you are amicable with your soon to be ex-spouse you may arrange a rental situation or the person leaving may accept the risk of you paying; understanding that if sold they are still on title and will have to authorize the sale of the home and be entitled to equity.  As you can see family law involves understanding more than just divorce, so when you speak to your attorney make sure you understand all of the issues that will arise in your divorce.

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