Thank you for joining me. My name is LaSheena Williams, and I am a Maryland family law attorney. My firm helps our clients take control of out-of-control domestic situations. Today we will be discussing what options you may have regarding your home if you do not have any children at the time of your divorce.
Spouse Elects to buy you Out
One of the options you have is if your spouse elects to buy you out. that works, you can have your spouse buy you out they can buy out any interest you may have in the equity in the home. They may take over any financial obligations such as the mortgage, any HOE fees, any obligations that are financial on the home. They make sure that you are not obligated to that home anymore and then you can walk away. You won’t be on the mortgage. You will have any interest you have in equity bought out and you can move on to do whatever you want to do.
Refinance and Buy your Spouse Out
An alternative option is for you to buy your spouse out. This may require you to refinance the home so that you can make sure that you can pay the mortgage on the home or pay any equity you may owe to your spouse because of you buying their interest out. You may have terms set up for how long it might take you to buy their interest out, but you can ultimately end up with having the home, having a different mortgage, having them no longer be tied financially to the home at all, and then you can move on with your life good.
Force a Sale
If you’re not in a financial position to buy your spouse out and they are not in a financial position to buy you out or alternatively if you don’t agree that they can buy you out, you can force the sale of the home. And what that means is you can request that the court appoint a trustee to sell your home. In that situation your spouse nor you will necessarily be required to sign any documentation to affect the sale. The trustee will be appointed to have the rights needed and the power and authority needed to make sure that the sale will take place and will happen without any complications.
If you have any questions about your options regarding dealing with your home when you don’t have any children following an absolute divorce, contact the Law Office of LaSheena M. Williams at (301) 778 – 9950 or leave an online request for a consultation.
