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P. Simmons
P. Simmons, Lawyer
Category: Family Law
Satisfied Customers: 26856
Experience:  16 yrs. of experience including family law.
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I live in the state of Virginia. My husband and I are contemplating

Resolved Question:

I live in the state of Virginia. My husband and I are contemplating a divorce and I have a question regarding out house.
We bought the house 3 years ago and I would like to keep it for me and our son. He wants me to buy him out so would that be the full value of the house, or what has been invested so far? I hate to have to pay him full value and continue to make the payments alone for the next 27 years.
Submitted: 3 years ago.
Category: Family Law
Expert:  P. Simmons replied 3 years ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

What you describe is certainly possible, if he agrees. That is, if you plan to divorce and there is equity in the home, typically you and he would split that equity...but if you come to some agreement, where both of you agree how to split that equity, the court will approve that in the divorce decree.

The key is the agreement.

If you can not agree? Then you would need to hire a lawyer, and allow the lawyer to present evidence to the court on how the assets of the marriage would be divided.

So it certainly is a good idea to "agree" if you can...save you both lawyer fees.

Of course, if he wants to keep the home, and if you agree to let him "buy you out", the loan would still be in both your names until he is able to refinance in his name alone. If that is not an issue (if he can qualify for a loan on his own) then this is certainly something that can be done.

Otherwise you would likely need to sell the home to pull out the equity.

Let me know if you have more questions
P. Simmons, Lawyer
Category: Family Law
Satisfied Customers: 26856
Experience: 16 yrs. of experience including family law.
P. Simmons and other Family Law Specialists are ready to help you

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