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How does a divorce judge decide on the division of marital property that is subject to a mortgage?
Wiki User
∙ 13y ago
The court considers such factors as the financial condition of the parties, their respective ability to acquire assets in the future, their future prospects for employment and whether there are minor children whose best interest would be to reside in their home.
The respective attorneys should try to negotiate a fair distribution of the marital property that can be submitted for approval. If one party is to convey their interest in the real estate the mortgage must be addressed since the bank is not subject to a divorce decree. If both parties signed the mortgage both are responsible for payment even if one party transfers their interest to the other. If one is to receive the property or if one is to be responsible for the mortgage then it should be refinanced in that person's name. The court may order that the real estate be sold and the proceeds divided.
The parties should both be represented by competent attorneys and not let the court decided on the distribution of assets.
Wiki User
∙ 13y ago
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Is a car in nc considered community property?
No but in the case of divorce it may be considered marital property.No but in the case of divorce it may be considered marital property.No but in the case of divorce it may be considered marital property.No but in the case of divorce it may be considered marital property.
Is your 401K your property or joint property in divorce in Minnesota?
Generally, your 401K is considered marital property in Minnesota. You can read more about marital assets and divorce in Minnesota at the related link.Generally, your 401K is considered marital property in Minnesota. You can read more about marital assets and divorce in Minnesota at the related link.Generally, your 401K is considered marital property in Minnesota. You can read more about marital assets and divorce in Minnesota at the related link.Generally, your 401K is considered marital property in Minnesota. You can read more about marital assets and divorce in Minnesota at the related link.
What are reasons for concealment of assets in divorce?
To keep from having to share them with the spouse according to that state's laws of division of marital property.
You have only been married for a few months and now you and your husband are going to get a divorce are you entitled to anything?
What you get will be dependent upon the laws in your state regarding the division of marital property and what property you have acquired during the marriage. You need to consult with an attorney in your area who specializes in divorce if marital property will be an issue.
What is Arkansas's real estate divorce law?
Your question is too broad. Arkansas is a separate property state so division of marital property is up to the court. You need to consult with an attorney who specializes in divorce law.
Do you have to pay off your spouse if you keep the house in a divorce?
It depends on the terms of your divorce settlement and distribution of marital assets. The settlement will be negotiated by your respective attorneys. If you cannot agree then the court will decide the division. Generally, if one spouse gets to keep the house, it is in exchange for some other property or entitlement such as future alimony. If there is a mortgage on the property it must be addressed prior to the divorce. The person who will be retaining the property should arrange to pay off the mortgage and refinance in their own name. As long as both names are on the mortgage both are equally responsible for payment even if one has transferred their interest in the property to the other by deed.
Is a trust considered a marital asset in a divorce action?
If the trust is revocable and one party is the trustee it is not a marital asset for division in a divorce proceeding
Can a spouse receive 100 percent reimbursement for improvements on the home?
That issue can be addressed in the division of marital property. Your attorney may be able to use it in the negotiations.That issue can be addressed in the division of marital property. Your attorney may be able to use it in the negotiations.That issue can be addressed in the division of marital property. Your attorney may be able to use it in the negotiations.That issue can be addressed in the division of marital property. Your attorney may be able to use it in the negotiations.
What if I want to keep my house do I have to decide when I file for a divorce?
You need a good lawyer to represent you in the divorce. The court will require a fair division of the marital assets. You will need to negotiate with your spouse to purchase their interest in the property. Otherwise the court will render a decision as to how the marital assets will be divided.
Can you request a court to amend the court order stating you pay your ex wife some of your retirement benefits?
It is not likely the court would amend such an order since it was rendered at the time of the divorce as a fair division of marital assets.It is not likely the court would amend such an order since it was rendered at the time of the divorce as a fair division of marital assets.It is not likely the court would amend such an order since it was rendered at the time of the divorce as a fair division of marital assets.It is not likely the court would amend such an order since it was rendered at the time of the divorce as a fair division of marital assets.
Can you assume a mortgage after your divorce - If you are unable to refinance - do you have other options?
You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
What are the divorce property laws in South Carolina?
Marital property in a South Carolina divorce is divided in an equitable manner. Normally that ends up being a fifty fifty split but in some cases it can be as much as 60 to one and 40 to the other. Click on the link below for a full discussion on the division of marital property in South Carolina.
