How Do I Keep the Home and Buy My Spouse Out?

Dividing assets in a divorce can be complex, especially when it comes to the marital home. If you want to keep the house, you'll need to buy out your spouse’s share. Here’s some options to consider:

1. Assess Financial Feasibility

• Before proceeding, determine if you can afford the mortgage, taxes, and upkeep on your own. Ensure keeping the home is a wise financial decision, not just an emotional one.

2. Determine the Buyout Amount

• Get an Appraisal: Establish the home's market value.
• Calculate Equity: Subtract the remaining mortgage from the appraised value.
• Split the Equity: Divide based on divorce terms (e.g., 50/50 split).

3. Secure Financing

• Cash Payment: Pay your spouse directly if you have savings.
• Refinance the Mortgage: Replace the joint mortgage with one in your name.
• Home Equity Loan: Borrow against the home’s value.
• Asset Exchange: Offer other marital assets in place of cash, for example higher amount of the retirement to your spouse. 

4. Remove Your Spouse from Ownership

• Refinance in Your Name: Release your spouse from mortgage liability.
• Special Warranty Deed: Transfer ownership fully to you.
• Update Property Records: Ensure official documents reflect the new ownership.

5. Finalize Legally

• Work with an attorney to ensure all agreements, titles, and documents are properly processed.

Buying out your spouse’s share of the home requires financial planning and legal steps. Consulting with a financial advisor and attorney can help you navigate the process smoothly.

Please contact us today to determine your options legal options. Book your consultation today to start the process by clicking here or give us a call at 832-844-1677.

Attorney, Ashley Nicole Green is a  family, divorce, and child custody attorney who services clients in Houston, Harris, Fort Bend, Brazoria, Galveston, and Matagorda County! Contact the Law Office of A. Green today to schedule consultation!

You can always connect with us via phone 832-844-1677 or via email at agreenteam@lawofficegreen.com