My ex wife wishes to stay in the house we bought in 1999. We are on friendly terms, no animosity. Would it make sense to to have her pay me half the?

Asked by Richard Bennett, Bay Village, OH Thu Feb 18, 2010

increased appraised value and turn it over to her in a quit claim deed? Are there better options? Thank you!

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6
Pat & Steve…, Agent, Westlake, OH
Thu Feb 18, 2010
I am only giving you my personal opinion (as I am a Realtor & Attorney licensed in OH, but I do no represent you). I think you should read your Separation Agreement & Divorce Decree/Dissolution of Marriage to see exactly how you agreed to handle the real estate (I don't know how long you have been divorced). Are you still obligated to make payments on the home, because your are still on the Mortgage? That's a big issue for you if you are. With our market in Northeast OH (live in Westlake), giving half of the appreciation on the property may not be fair for you, since we have had a decline in value during the recession. As, another person asked, is your ex-wife able to refinance the home & pay you out your equity (interest rates are still very low)?
0 votes
Ute Ferdig, Agent, Auburn, CA
Thu Feb 18, 2010
To me, letting your spouse keep the house only makes sense if she can refinance the house in her name alone to get you off the mortgage. You can quit claim deed your rights in the property, but you can't get rid of your loan obligations as long as you are on the mortgage. Does your wife have the money to pay you half of the equity? If she does not have the cash, maybe there are other assets that could be assigned to you as part of the property division. It would be best for you to consult with your attorney to make sure you cover all bases.

Good luck to you.
0 votes
Marita Topmi…, Agent, Indianapolis, IN
Thu Feb 18, 2010
Hi Richard,

That is a generous solution. Another is to sell the home and split
the proceeds. Please remember that you might also have equity to consider. Will she be keeping all
the equity?

If you decide to quit the deed, please remember to make sure you are removed from the mortgage.
A quit claim will not remove your responsibility to the mortgage company. It is advisable to speak with a
real estate attorney.

It is so nice to read that you are still on friendly terms. Thanks for sharing.

Marita Topmiller
0 votes
Yes, This is a wonderful thing for a person to do when a divorce happens. The trauma of finding a new residence, and the whole process may be too much for both parties. The advise was supurb and very humanitarian. I applaud the lawyers who gave of their time and experience.
Flag Tue Jan 1, 2013
Janet Unkefer, , Minerva, OH
Thu Feb 18, 2010
It's common practice in Ohio for couples to buy each others equity in their commonly owned real estate. Talk to your attorney and have him draw up the agreement. Make sure everything is in black and white and you and your ex should remain friends with no misunderstandings about the terms.

Janet Unkefer, Agent
Cutler Real Estate
330-868-6219
janetunkefer@aol.com
0 votes
Steven E. An…, Agent, North Royalton, OH
Thu Feb 18, 2010
Richard,

You should consult and attorney for your best options on dividing assest. Should you need a Realtor, based on the answers of your attorney, please feel free to give me a call to discuss your future real estate needs.

Steve Anderson
Howard Hanna
440-554-9115
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 18, 2010
Why not consult with an attorney so that you can plan on both of you remaining on friendly terms.
0 votes
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