divorce






 

Question by  uttamsingh (27)

What should I consider about divorce and escrow accounts when buying house?

I don't know how my divorce might affect real estate deals.

 
+7

Answer by  starke (57)

You should make sure that you have finished getting your divorce and talk to your lawyer to know the details.

 
+6

Answer by  patti (29325)

Divorce and assets can make for some sticky situations. Much depends on how your business is structured. Definitely take this matter up with your attorney.

 
+6

Answer by  jaimesgirl (1055)

If you purchase a house before finalizing a divorce, your spouse will have to sign a quitclaim deed to have his/her name removed from the house and making you the sole owner. Technically they will co-own the house. They can also make claims on escrow accounts. Consult your lawyer.

 
+6

Answer by  tamarawilhite (17883)

In divorce, the assets and debts are split evenly. Both are still liable for the house mortgage if both names are on it. Never sign a quit claim to a property for which you are on the mortgage; you then owe money on an asset you no longer own.

 
+4

Answer by  DudeMann (40)

It will depend on your state's laws on division of assets during a divorce. It will depend on whether you are buying as an individual or through a business. If you are buying through a busines you own, then it will depend on how the business is organized. My advise? Call a good divorce lawyer.

 
You have 50 words left!