In most cases, a buyout goes hand in hand with a refinancing of the mortgage loan on the house. Usually, the buying spouse applies for a new mortgage loan in that spouse's name alone. The buying spouse takes out a big enough loan to pay off the previous loan and pay the selling spouse what's owed for the buyout.
Can I buy my wife out of the house?
You'll need to start by getting your home valued to work out what it's worth, and you can ask your local estate agent to do this – usually for free. If you have the funds to cover half of the sum they come up with, you have the option of buying your partner's share so they no longer own part of the property.
Do I have to buy out my spouse in a divorce?
Buyouts do not need to occur at the time of divorce. A buyout can occur after a divorce if the couple agrees to maintain joint ownership at the time of divorce.
Should I stay in the house during a divorce?
You have the absolute right to stay in the marital home if you are listed on the title to that property. Therefore, unless there is evidence of criminal activity, domestic violence, or harassment by one spouse against another, you have the legal right to stay in your house during the divorce process.
Do I have to pay the mortgage if we separate?
Does My Ex-Partner Still Have to Pay the Mortgage? You're equally liable for the mortgage, even if the loan is based on one party's income or one of you moves out. Your lender can pursue both of you either jointly or individually for the payment - plus any costs, legal fees or loss made upon any possible repossession.
How can I buy out my partner on mortgage?
To have complete ownership of the property, you will need to buy the other person out of the mortgage and have their name removed (known as a Notice of Correction). You can start this process by having your home valued. This gives you an idea of how much you'd get if you were to put it on the market.
