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Three Ways to Split the House in Divorce
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Three Ways to Split the House in Divorce
By Carol Ann Wilson, CFP, CFDP 1. Sell the house and divide the profits that remain after sales costs and the mortgage is paid off. It is important to consider the basis in the house and possible capital gains. Also, if your client wants to buy another home, determine if he/she will be able to qualify for a new loan
2. One spouse buys out the other spouse's interest in the house. This can be done by trading another asset for the interest in the house.
The first step is to determine the value of the home. An appraisal should be done. The fair market value of the house minus the mortgage will show the equity in the house.
What if the wife decides to keep the house and she finds within a short time that she cannot afford to keep it and she puts it up for sale? Should you consider subtracting selling costs and capital gains taxes from the value in the beginning? These are issues that definitely should be considered.
What if the wife wants ... more

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