Q: Who keeps the house in a divorce when the deed is in both names but the mortgage is in the husbands name?
We live in Locust Grove VA
A:
A Virginia Circuit Court judge sitting in an equitable distribution hearing has several options with respect to jointly owned real property. The judge can order the conveyance to either party, permit either party to buy out the other and order the assumption of indebtedness, or order the sale of the property with an equitable distribution of the proceeds to the parties, or leave it as is. A judge also has the authority to order either of the parties to pay a debt of the parties, or of either.
In a settlement, a party represented by counsel would typically require a sale or refinance of real property to remove any liability for payment of a note secured by a deed of trust or mortgage on the real property.
Anyone facing separation or divorce in Virginia should consult with an experienced Virginia divorce lawyer.
A: The party to whom the home is awarded by the divorce court. The court can also order that the home be sold and can award the net proceeds to one spouse or can divide the net proceeds between the spouses. The court can also award the home to one spouse and order that spouse to pay the other a sum of money (typically secured by an owelty lien) for their interest in the home.
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