Q: In a divorce, we refinance the house and he assumes the mortgage, will I get anything from the refinance?
I have been married for 10 years and bought our house together. I do not want the house and he wants to refinance on his own and assume the mortgage. Our property we own $189,000 and it has been appraised for 275,000. what would I get from this?
A: It depends upon the terms of the property settlement embodied in the judgment of divorce. You believe that there is $86,000 of equity. Perhaps this will be split 50/50, in which case the judgment of divorce should provide for you to receive your $43,000. You need to discuss this with an attorney who will represent you in the divorce.
David Soble agrees with this answer
A:
If there is a divorce decree, then the provisions of the divorce decree control how the proceeds of a refinance are issued.
If you are on title to the home before the divorce, it is likely that you will be receiving some monies at time of the refinance, but you must refer to the divorce decree to see what you had agreed to at that time.
Good luck.
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