?question about divorce acquisitions? - Posted by Brad (sd)

Posted by LenNJ on December 19, 2002 at 10:01:50:

Yep its a payment for the spouse so that the quality of living that she is used still continues. At least that what most my buddies who are divorced tell me :slight_smile:

?question about divorce acquisitions? - Posted by Brad (sd)

Posted by Brad (sd) on December 18, 2002 at 16:21:27:

I’m going down to the recorders office to get some addresses for the list of recently filed divorces and want to check and see if there’s anything special I should take into consideration when approaching this situation. I’m in California in case there are any of you who might know specifics out here.

-Are there any extra legal steps that must be fulfilled when purchasing, or optioning, a house that belongs to a couple who have filed for divorce?

-What if only one spouse holds title to the property, can I still purchase it from them without any reprecussions? Or is there something about the divorce which may effect the sale?

-Last, if anyone has any experience in approaching a coulple who are going through divorce with the intention of buying their house, I’d gladly hear about the finess it requires!

I think thats all I wanted to ask, but if theres anything you can think of about this situation I’d love to hear it.
-Brad Pennington

Re: ?question about divorce acquisitions? - Posted by rocky

Posted by rocky on December 18, 2002 at 18:26:51:

Brad, first, let me tell you that yes, you have a lot of extra info to consider when putting together a deal with a couple going through divorce. For instance if alimony is granted then that can affect the sale of a prop, and if the bickering is extensive enough, the spouse can even protest the sale or the price of the sale. If you want to cover your bases, I would suggest contacting a competant attorney. However, keep in mind that this can all happen with married couples as well.

Well, good luck and good investing,

Re: ?question about divorce acquisitions? - Posted by Billy Fullen

Posted by Billy Fullen on December 18, 2002 at 18:22:43:

I’m looking at buying a home/property from a recently divorced individual and as long as either of the parties has ownership of the house then there should be no problem. Generally one of the parties takes over the ownership of the property but if this is not worked out the judge will force both of them to sell the property and split it between them… In most cases one party buys the other out which is not a problem at all. I hope this helps.

Re: ?question about divorce acquisitions? - Posted by Brad (sd)

Posted by Brad (sd) on December 18, 2002 at 19:05:56:

Hey Rocky,
Thanks for the suggestion about the attorney. I’m figuring out that an attorney is a REAL must in this business unless you want to get destroyed! Can you remind me what ‘alimony’ is? I know that I should know what this is, and I’ve heard the word plenty of times but I cant come up with anything. I think it’s non-child related payments from one spouse to the other? Is that right?
Oh well, thanks for the input!
-Brad Pennington

Re: ?question about divorce acquisitions? - Posted by Brad (sd)

Posted by Brad (sd) on December 18, 2002 at 19:13:22:

Hey Billy Fullen,
So what your saying is that even if the title is held by both of them, they either sell the house and split the proceeds or one agrees to sell their half of the house to the other one. I’m I understanding you right?

Do you know how that would work technically?-One selling their half to the other? Is it with a quitclaim deed, and if so how do they arrange financing? Sorry! I like to learn everything!!!

So it would seem that approaching the individual who gets the house would be the best bet if thats the route they take. If they get the house, I would assume that they get the mortgage payments as well, and a mortgage that was managed by two incomes is now only one. Hhhmmmmmmmmmm.
Thanks for the reply!]
-Brad Pennington