Spousal buyouts - what are my options?
February 18, 2015 @ 12:18 PM by:
Posted in Did you know that in the case of a marital split, you can buy your partner off title using up to 95% of the equity in the home?
In order to qualify, both parties must be on the title of the property prior to the legal separation. There also must be a finalized separation agreement, an offer to purchase, and an appraisal (because this would be considered a non-arms length transaction).
This allows for not only division of assets without selling but would give you an opportunity to consolidate unsecured matrimonial debts (credit cards, car loans, etc.) using the equity in your home (which can save you money in interest costs)
