HOME AND
HOUSING
How do you split a home in a divorce in Rhode Island
I would like to buy out my spouse's interest in our home, but I don't have much money. Is there a way I can do that?
First, consider whether it’s realistic to keep your home. Can you afford the future costs of mortgage payments, maintenance, repairs, insurance, and property taxes?
If your answer is yes, you will have to negotiate a settlement, and there are several possible ways you can proceed:
- You and your spouse might agree that you will assume the mortgage and give up some or all support payments or a portion of your share of marital property.
- If the bank won't allow you to assume the mortgage, you can agree to leave the mortgage in his name but agree to “indemnity” your spouse by guaranteeing repayment of any mortgage payments you might not pay and your spouse might be required to make on your behalf.
- You could give your spouse a second mortgage, which would guarantee the portion of the debt that you are agreeing to pay.
When you calculate how much the house is worth, remember that if you buy out your spouse’s interest and the house is sold, you may have the added expense of paying additional taxes.
If I have custody of the children, do I have a right to continue living in the house we bought together?
Not necessarily. The house is a marital asset. The value of that asset will be shared by the two of you. Usually, you have to negotiate an agreement if you want to continue to live in the house.
In one of Kerry’s mediations, the couple decided that the custodial parent would live in the house until the youngest child graduated from grade school. A second mortgage was taken out so that the noncustodial parent could afford to buy another house. Once the child graduated and the original house was sold, the second mortgage was paid off out of the profits from the sale of the house, and after expenses for repair and maintenance, closing costs, and broker’s fee were deducted, the remaining money was divided equally by the parents.
In another one of Kerry’s mediations, the wife agreed to buy out her husband’s interest so that she could remain in the house and he could move elsewhere.
It’s important to be aware that, although you may agree between you which one will be responsible for any remaining mortgage costs, if the mortgage is in both your names the creditor can continue to hold your both responsible. If your former spouse agrees to be responsible for the payments on you jointly held mortgage, you can include in the writer agreement that you will be reimbursed if you make any payments because your former spouse failed to make them. You also can agree to specific compensation, such as some other assert, in case he falls to make the payments, or you can agree to sell the house if a certain number of payments are missed.
If we don't sell our house for the next few years, how can I agree on other financial terms? I don't know what the house will be worth in the future.
This is a difficult question, but there are some guidelines that should help you arrive at a reasonable estimate of the value and of what your share should be. For instance, you could determine the current value, based on either actual sales of similar houses in your neighborhood or a formal market appraisal. Once you deduct any mortgages owed, you will have a realistic idea of the equity or present worth of the house to you. Although real estate values may fluctuate, this information will help guide you in agreeing to other financial terms. You can include in your agreement the percentage of the equity that each of you will take when the house is sold. One or both of you can agree to be responsible for the ongoing expenses until the sale, in exchange for reimbursement at the time of sale.
Kerry mediated an agreement with a couple who agreed on the current value of their home based on actual sales in the neighborhood. Since the wife planned to continue living in the home for another two years, she agreed that she would take 45 percent of the net value and that her husband would take 55 percent. In addition, since the husband had to purchase a new home immediately, they agreed that the net value would be calculated by deducting two years’ worth of interest on his new mortgage, and that other deductions when the former home was sold would include payment for broker’s fee, attorney’s fees, and any taxes.
Providence family law attorney
Kerry I. Rafanelli
Contact Us
Kerry Rafanelli,
Attorney At Law
OUR ADDRESS:
Kerry I Rafanelli, Attorney at Law
670 Main Street, Suite C-4
East Greenwich, RI 02818
PHONE NO.
401-398-8388
FAX NO.
401-398-8399
Fill the Form Below
all questions
Frequently
Asked Questions
Consult an experienced Rhode Island divorce attorney for answers to your questions. Call Kerry I. Rafanelli, Attorney at Law, at 401-398-8388 or contact us online to schedule your consultation at our East Greenwich law office.
Should I retain a lawyer if my fiancé's attorney has already drawn up a prenuptial agreement?
Both parties to a prenuptial agreement should be represented so that you can feel confident that the contract is fair to you.
Am I considered the parent once my adoption of a child is finalized?
At the completion of your adoption, you acquire all the rights and responsibilities of a parent–including making important childrearing decisions and providing your child with financial support. Your child gains all the rights as your natural children would have involving inheritance, immigration, government benefits and healthcare coverage.
Am I entitled to visitation rights as soon as I affirm my paternity of my child?
In most cases, you are entitled to visitation with your child, but you must file a petition with the court requesting visitation.
Am I entitled to child support as soon as the father's paternity is positively affirmed?
You are entitled to financial support from the father, but you must file a petition with the court requesting child support. You may be entitled to support from previous years as well.
What is the difference between guardianship and adoption?
Adoptive parents acquire all the rights of natural parents. Guardians have legal and physical custody, but are not considered the parents of the child and must periodically appear before the court to give updates on the child’s status. In some cases, the birth parents may retain their parental rights.
Is my former spouse permitted to move my child to another state?
A custodial parent must petition the court to relocate with your child to another state. You can object to the move and present evidence at a court hearing.
What does the court consider in relocation cases?
The court considers what is in the best interest of your child — including financial advantages of the move, educational opportunities, the existence of extended family in both locations, the nature of the child’s relationship with each parent, and the logistics of visitation with the noncustodial parent.
How can I learn more about family law?
Call Kerry I. Rafanelli, Attorney at Law or contact us online to schedule your no-obligation, free consultation and get the answers to all of your family law questions.