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Asked by Catrinadw, Memphis, TN Sun May 10, 2009

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2
Keith Sorem, Agent, Glendale, CA
Mon May 11, 2009
Catrina
I am sorry to hear of your situation. Your attorney can probably advise you the best option.

Unfortunately with a mortgage there really is no way to "get my name off". The mortgage needs to be paid. That's why in many divorces the only way to resolve the financial division is to sell the property because neither spouse has sufficient resources to buy the other out.

Practically speaking that means that your husband has two options:
Sell the property and divide the proceeds, or re-finance the mortgage and pay you your share. Depending upon the situation your attorney might be able to suggest some other negotiating ideas. One idea I heard was having the husband give up part of the couple's retirement in exchange for her share of the equity in the home.
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Chris Mabry…, , Tucson, AZ
Sun May 10, 2009
Catrina,
Sorry to hear about the divorce. It sounds to me like you need an attorney's advice. Depending on the laws in your state, the situation may be complex. You can release your interest in the property with a disclaimer deed, but you are still on the mortgage. If your husband is financially able, he can refinance the house with a new loan in his name only. This is why lawyers love this kind of stuff. Good luck to you.
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