Q: Currently separated want to buy out husband from house. When do I start refinancing process now or when divorce final?
Should I start refinancing paperwork now to buy out my husband, or do I have to wait and do this after divorce is finalized? If I keep house, refinance and sell in a few years how will I be affected by capital gain? If I use the profit to buy another house, do I have to pay capital gain?
A: First of all, has husband already agreed on a buyout figure with you as part of a Separation Agreement? If so, the document should have timing of the refinance specified and you should determine as soon as possible your ability to qualify to have the refinance buyout . The tax laws can and do change, so depending upon whether or not this was a primary residence and when you are selling and whether you are buying another residence, you may want to be in contact with your CPA .
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.