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Buckminster
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Reged: 10/08/06
Posts: 7
What to do with the house?
      #154924 - 10/08/06 09:18 AM

My wife and I are trying to figure out what to do with our house (we're in California). She currently teaches piano in the house, and a move could disrupt her income. She doesn't have the income to qualify to refinance the house in her name.

We've talked about the possibility of me refinancing the house in my name only, paying out her 1/2 the equity from the loan. Then renting the house back to her. This doesn't disrupt her teaching business, and it gives her time to sort out what she wants. She may use her equity to buy a more modest property and rent that out.

I would easily qualify for the loan on my income alone, but maybe not when spousal support is factored in. Living in a community property state, can I refinance in my name only, prior to the finalization of the divorce (papers haven't been filed yet, but a lawyer has been retained), with a written agreement to give her the right to rent the property back once the divorce is final?


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Cinder2
Carpal \'Tunnel
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Reged: 06/02/05
Posts: 4361
Loc: Southern California
Re: What to do with the house? [Re: Buckminster]
      #155071 - 10/08/06 07:43 PM

You can refinance the loan in your name alone right now, even if you're still married. She can sign a quit claim deed on the title at the same time that you sign the final papers for the divorce. Then you'll have to redo the title, but that is not too hard.

Is there a chance that you could make living in the house rent-free for a certain number of years be a term of your divorce in lieu of spousal support?

Cinder


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Buckminster
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Reged: 10/08/06
Posts: 7
Re: What to do with the house? [Re: Cinder2]
      #155699 - 10/10/06 08:28 PM

Thanks for the reply, Cinder2.

Letting her live in the house rent-free for a certain number of years in lieu of support is certainly a possibility, though she and I would both need to understand the tax implications. How would this be substantively different from me paying support, and her (essentially) returning it as rent? (paper shuffling aside, of course)


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