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

Answer by  starke (57)

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

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.

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.

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.

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.