So many questions and so few answers. We've been there. We can help you through this process from start to finish. We are here to help. The first step should be to reach out to us so we can help guide you and help you avoid costly mistakes with the house.
Sometimes we want to keep the house for emotional reasons or because of the children. We want to help you make informed decisions when it comes to the house.
We want what is best for you. You can keep the house if you know all the risks and are comfortable with those risks.
Find out about the risks Today!
We will work closely with both attorneys and mediators to help determine the value of one of your most valuable assets.
That is why being fully informed about your house and doing all the homework is vital.
Our help extends across six different zones of risk; The Mortgage, Title, The Value of the Home, Mechanic Liens, Insurance, and Condition of the Property. We will help guide you down whichever path is best for you. It does not matter whether you plan on selling or staying put in your current home we can help you make informed decisions.
Community property is everything that the spouses own together. Generally, that includes all property acquired during the marriage except property received by inheritance or gifts from separate property owned before marriage.
Community property is all property bought during the marriage with income received during the marriage.
Separate property is any property that you or your spouse owned before the marriage or that you received during the marriage as a gift or inheritance.
Yes! Texas is one of nine states that is a community property jurisdiction. Community property means that most property acquired by both spouses during the marriage belongs to the community estate and is therefore subject to division at the time of divorce.
You may have heard that Texas is a 50/50 state, division is not necessarily a 50/50 split. A court may determine "is just and right" is not a 50/50 split. A court bases a just and right division on the facts of each case.
Texas Family Code
While Divorce Real Estate is our primary focus, all real estate transactions come with risks. We have also helped many non-divorce individuals. While working with Divorce Real Estate we have uncovered risks that need to look at in almost every transaction. Even if you might not be going through a divorce it does not mean that our Network of experts are any less valuable to you.
Competitive Market Analysis (CMA) shows the prices of comparable sales of homes in your neighborhood and is a starting point for the best sales price of your home. We take the CMA along with other information about your house to help determine the top market price at which we would market the property. The Gifford Group can answer the question, What is my house worth?
Yes, a current CMA is a priceless piece of information that we would recommend in every Divorce situation. We can provide the CMA for free to our clients.
Well, it depends. First, there must be no court-imposed restrictions. Also, if you need child or spousal support income to qualify for a new loan – you’ll need to wait. Otherwise, a pre-divorce purchase can be a great option.
NOTE: When purchasing a new home while still legally married, keep in mind that your spouse will be required to sign a Quitclaim Deed prior to closing. This will allow you to claim sole title to the new property.
The three options
This is where the Qualified Domestic Relations Order (QDRO) will be created. The divorce decree must order that these assets will be divided. The court then must approve QDRO and the order must be passed to the administrator of each retirement account.
An owelty lien is a tool to utilize when the equity of a home needs to be split.
Owelty liens are a type of deed that allows divorcing couples to divide the existing equity in the marital home. This action is commonly utilized in divorces to “buying out” the remaining spouses’ interest in a home.
The party giving up their interest in the home obtains a lien against the property through a divorce decree, called an Owelty lien. The Owelty lien must be filed at the courthouse in the county records. When the party retaining their interest in the house refinances or sells the home, the other party is paid the value of their Owelty lien. This solution allows one person to obtain the full interest in the home while removing the exiting spouse from the mortgage, while also providing the exiting spouse with cash.
In Texas, the Owelty lien is more valuable than any other state. It is the only way a divorcing couple can access more than 80% of the home current value without violating the Texas A6 law, or cash out law. Without the Owelty Lien, borrowers will pay cashout rates rather than the traditionally lower rate and term rates.
We can connect you with Local Lender that can help you walk through this process.
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Amber Odle, Trec Lic. #0732687
Scotty Gifford TREC Lic. #0740987
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