How Do I Buy Him Out of the House?
Question of the Day:
I AM GOING TO COURT TO SEEK FOR LIMITED DIVORCE FROM MY HUSBAND THIS MONTH. MY QUESTION IS, I INTEND TO BUY HIM OUT OF THE HOUSE. WHAT IS THE PROCEDURE AND SPECIFICALLY, HOW DO I CALCULATE HOW MUCH HE STANDS TO GET FROM THE EQUITY OF THE HOUSE? – ANNA
Answer:
ANNA: Assuming the house is all marital property, the equity is the current value of the house minus the mortgage. His share would be one half of that. Some parties also like to complicate the formula with tax and closing cost calculations.
