Being bought out of house by separated spouse

[FUNCTOR]

Hello,

My wife and I seperated back in November 2008, and recently have decided that it's official - meaning we're not getting back together. I realize we have to wait until November 2009 for the actual divorce.

Do we have to wait that long as well before I get bought out for my share of the marital home? We both want to proceed with that right away and start to get on with our lives.

How do we go about transfering the ownership of the house to just her instead of the both of us? Is that something we can do on our own or do we need lawyers involved?

Thanks!

[SNAFU]

I'm not a lawyer but I think that the purchasing of the matrimonial home is part of "Property Division". Is there anything else that needs to be "divided"? Pensions, bank accounts, property etc?

It's nice that you are both "getting on with your lives". I think you should do it all in one swoop.

[FL_Needs_To_Change]

I believe that you can do this on your own.
Prepare an agreement in writing; make sure that you both take a copy of the agreement to be reviewed by a lawyer. This way there is no possibility that either part can come back and ask that the agreement be nullified for lack of legal council. Simply including the statement that both parties have independently decided to forfeit legal council is not enough, as this still leaves the door open for future litigation on the agreements validity.

The divorce itself can be separated from the other issues, so that you can go ahead and finalize other things that you are both in agreement with. If there are no issues with other property include a statement to that affect. List all other areas like pensions, bank accounts, vehicles, personal items, tools, household furnishings, jewellery etc, things that are of significant value or personal importance and state that they will remain the property of “blank” not to be subject to property division by the other party.

[FUNCTOR]

Ok,

So we have to prepare this seperation document outlining that she gets the house and she will pay me $X for it.

How do we go from that stage to her getting a new mortgage with only her name on it and the old mortgage with both our names on it being nullified?

I guess what I'm concerned about is still having my name on the peroperty even though it's hers now.

Also, we have 2 cars. 1 in my name, and 1 in hers. Naturally, we both think that I should get the one in her name and she should get the one in mine. .'/ How do we transfer the ownership of the vehicles?

Thanks for the help!

[FL_Needs_To_Change]

The agreement will clearly state that by a certain date, the process (IE paperwork) must be prepared and issued to transfer the title to her name and that this transfer means that she takes on all responsibility for the home.
You both have to agree on a fair market value (based on an independent assessment preferably) of the home, minus the mortgage then any equity left is the amount to split.

Say the home is valued at $250,000, mortgage owed is $175,000, therefore $75,000 in split-able equity.
The buy out for the home would be $37,500, the amount she’d owe to get the home. At which time she would have to have the mortgage refinanced for the balance of the mortgage plus the buy out amount. To acquire the loan she must make the necessary accommodations even if the means getting a co-signer. Otherwise the agreement is void, and make accommodations for this situation, IE allowing you to take the home, or sell it and split the balance after fees etc. By the way the costs to transfer title must also be divided, it could be that the buying person cover the costs or that both parties split this cost too, what ever is acceptable to both parties.

In the agreement you should cover all assets and who is responsible for what and if this fails to fabricate, then an alternate option will ensue, or voids the agreement, as long as everything is in mutual agreement by both parties and both parties have independant legal representation it will be binding.

[FUNCTOR]

So after we agree upon everything and write up our seperation document, we need to get our separate lawyers to review it?

Once they review it, are they the ones that do the actual trasnfer of the ownership of the house or is that something we can do on our own? Same for the vehicles?

I really want to keep the lawyers fees to a minimum. We don't have a lot of money to start and I'm afraid of the bill getting rediculous which will eat into my downpayment for a new home.

[FL_Needs_To_Change]

Originally Posted by FUNCTOR

So after we agree upon everything and write up our seperation document, we need to get our separate lawyers to review it?

Yes.

Originally Posted by FUNCTOR

Once they review it, are they the ones that do the actual trasnfer of the ownership of the house or is that something we can do on our own? Same for the vehicles?

NO, they will provide a document that clearly states that they informed the party of the implications of signing the documents that the party understands what the agreement implies and means to them and what the legal ramifications etc are.

If she is taken possession, she must employ the necessary people (person) to do the paperwork to transfer ownership.
She may be able to go to the land registry office and find out how to have your name legally removed and have only her name appear as owner. This is the first step I think I would take. Then proceed to the bank to speak to a mortgage broker, financial adviser, lender, whom every is responsible for issuing/granting loans for mortgages and get the paper work in place and start her obligation for payment of the mortgage in her name alone.

Originally Posted by FUNCTOR

I really want to keep the lawyers fees to a minimum. We don't have a lot of money to start and I'm afraid of the bill getting rediculous which will eat into my downpayment for a new home.

You can do all steps alone except the lawyer review of independent legal advice, this is imperative to ensure that the agreement is enforceable.
All other steps can be done alone, provided each party makes the proper inquiries of the proper people to get things done.