How can my son go on the divorce settlement without loosing everything? 7 Answers as of July 30, 2013

My son is miserable in his marriage of 10 years. No children. They have a beautiful home on 1.5 acres. She wants him to buy her out of her half and there is no way possible financially he can do this without losing everything. Please help with how he can do this without losing everything?

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John Russo | John Russo
Do what buy her out? You just stated he can't, so he can't. There are only 3 options with a house, #1 The court awards it to one of the spouses which is very rare, usually as an offset if there are a large number of separate assets, or in severe conduct issues, again rare, the most common options are, #2. he buys her out, or she buys him out, or #3. if neither party wants too buy the other out then the house goes on the market forthwith for sale, and the net proceeds are divided equally, or any shortfalls the same. That is It.
Answer Applies to: Rhode Island
Replied: 7/30/2013
Kevin H Pate
Kevin H Pate | Kevin H Pate
One option is for her to buy him out. another is to agree the property is to be refinanced in the name of only one party within X amount of time, and if not, then sold, with any surplus after pay-off to be divided at whatever percentages they agree or that the court orders if there is not agreement. Another option is to determine there is presently X in equity and one party will quit claim their interests upon being paid a sum certain in regular payments, with or without a balloon payment at the end of that term if one is necessary. In short, there is no one set way to equitably distribute property interests.
Answer Applies to: Oklahoma
Replied: 7/30/2013
Law Office of Annette M. Cox, PLLC
Law Office of Annette M. Cox, PLLC | Annette M. Cox
Arizona is a community property state, so assets accrued during the marriage are subject to equitable division. If there are ways to offset her interest in the home with other assets, then it might be possible to settle without losing his home. Talking to an attorney will help him get a better idea of what options he has.
Answer Applies to: Arizona
Replied: 7/30/2013
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
You son needs an attorney to represent him in the divorce. If you are in Michigan call to engage my office, make and appointment and provide details.
Answer Applies to: Michigan
Replied: 7/30/2013
Peyton and Associates | Barbara Peyton
There are lots of ways to create a buy out program. Sometimes, the parties make an agreement for a down payment and then monthly payments until the buyout is complete. Your son needs to make sure of the equity in the property. There are a lot of issues surrounding this kind of situation. I strongly urge you to talk to a family law attorney in your community to make sure he isn't being cheated. Good luck
Answer Applies to: California
Replied: 7/30/2013
    Coulter's Law
    Coulter's Law | Coulter K. Richardson
    With no children, he stands a much better chance of forcing a sale of the house. If he wants to keep the house, he can find other financing our trade a 401K or IRA. He needs to have a financial planner take a look at all the numbers.
    Answer Applies to: New Jersey
    Replied: 7/30/2013
    Law Office Of Jody A. Miller
    Law Office Of Jody A. Miller | Jody A. Miller
    There may be other options - selling the house and splitting the proceeds or balancing it off against another asset or making monthly payments. This is not the forum to give this type of legal advice; your son should retain an attorney as it is highly inadvisable to go through a divorce without legal counsel.
    Answer Applies to: Georgia
    Replied: 7/30/2013
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