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

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

asked by uttamsingh (22)

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Tags:  divorce  real estate

answers

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

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posted by starke (54)
7 votes

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.

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posted by patti (17701)
6 votes

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 votes

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.

6 votes

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.

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posted by DudeMann (39)
4 votes

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