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 .
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