Need advice on division of property

[bubbajean]

My husband and I are currently in the process of filing for a divorce. 5 years prior to my marriage, I had obtained property with a home. After my husband and I were married, we had refinanced this property with a consolidated loan with his premarital debt, and at this time I had placed his name on the land deed. Now 12 years later, we have currently been in the process of building a new home that I have initiated and completed the building of, on a construction loan. Both of our names are on this loan which will soon come due. My question is can my husband receive half of the equity of this new home if I have the mortgage loan placed in my name, and also since I owned the land that is being used as collateral. I have offered to give him the former home free and clear, with me assuming the new home mortgage loan. What is the fair and legal way to agree on the division of our property?

 

[Michael Wechsler]

My husband and I are currently in the process of filing for a divorce. 5 years prior to my marriage, I had obtained property with a home. After my husband and I were married, we had refinanced this property with a consolidated loan with his premarital debt, and at this time I had placed his name on the land deed. Now 12 years later, we have currently been in the process of building a new home that I have initiated and completed the building of, on a construction loan. Both of our names are on this loan which will soon come due. My question is can my husband receive half of the equity of this new home if I have the mortgage loan placed in my name, and also since I owned the land that is being used as collateral. I have offered to give him the former home free and clear, with me assuming the new home mortgage loan. What is the fair and legal way to agree on the division of our property?

The fair and legal way is for you and your husband to decide what is fair and then to get the legal documentation worked out to your understanding. With regard to being responsible for the mortgage, that might not be so simple and would probably involve the bank.