Legal Question in Family Law in New Jersey

Buyout of home prior to separation/divorce

Adverse verbal ''discussions'' between my spouce and I have gotten totally out of control since our children married and started their own families some 9 years ago. She doesn't work. I've told her that I can't do this any more and want out. She told me if I provide her with 50% of the market value of our house in cash she'd leave. The house is paid for and in both of our names. Is it possible for me to obtain a mortgage/loan, in my name only, for her share, and pay her off before we are even separated? What would that mean throughout the course of the divorce? Can I even get a mortgage in my name for half the value of the house? She told me a home equity loan in that amount wouldn't do it for her (my suspicion is that would be too easy for me to do).


Asked on 12/02/04, 10:24 am

2 Answers from Attorneys
Bernard J. Berkowitz Berkowitz & Raiken

Re: Buyout of home prior to separation/divorce

Once you agree on a value, the amount should be able to be obtained through a refinance or home equity loan and her signing a deed to you simultaneously. However, before doing any of this you should have a legal seperation agreement signed by both of you to protect both of your rights. If you want more information and help, please call.

973-808-2003

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Answered on 12/02/04, 10:36 am
Gary Moore Gary Moore Attorney At Law

Re: Buyout of home prior to separation/divorce

You will have to buy your wife's interest in the marital residence receiving a deed from her conveying her interest in the house to you. You could obtain a mortgage for this purpose. Call me for an appointment.

Gary Moore, Esquire

Hackensack, New Jersey

800 273 7933

www.garymooreattorneyatlaw.com

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Answered on 12/02/04, 11:40 am


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