Facing Divorce and have to sell the family home??
When you decide to get a divorce in Alabama, there are a lot of the issues that need to be dealt with and agreed upon that can be downright overwhelming and emotionally draining. One of the most emotionally charged decisions that must be made involves deciding the fate of the family home. And the family home is more than just four walls and a roof. For most
people it's the place where you've built a life with your spouse and often raised a family. There are typically many memories, a lot of security wrapped in a family home also. So when it becomes time to decide who gets the home in a divorce settlement, or is it going to be sold, it's understandable that many people find it difficult to approach this particular decision, 100% rationally. But I want you to keep in mind that allowing your emotions to cloud your judgment can have a long-term lasting and damaging consequences.
The earlier in the divorce process you discuss and decide what's going to happen to the family home, the better off you're going to be. Here are four key questions to be asked and agreed upon by both parties before considering selling your home.
- Will the property be sold? And if so, when? Number
- Which spouse will stay in the home until the property is sold?
- Who will pay for the mortgage, the maintenance costs, and other expenses associated with the home until it's sold?
- If one spouse wants to keep the home as a part of the divorce settlement, what arrangements will be made to do so?
Now, if both parties have agreed to sell, now would be the perfect time for you to
find a reputable realtor to represent both of you in your best interest and guide you through the process of selling your home. If you'd like additional information on this topic and others, please reach out to me.
Whether you seek to save your home or investment through a HAMP loan modification or HARP 2.0 Gov’t refinance opportunity or just move on to what’s next and short sell your property to postpone the trustee sale, collect some additional cash and avoid a foreclosure in the process , you’ll find information here that will help you immensely.
This easy-to-understand, step-by-step instruction guide describes how banks operate in the negotiation process and also includes the tools and forms required to short sell your home or investment property.
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I’ll send you the book and simply ask that you pass it on to others who might appreciate it if you love it like I hope and think you might.
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Can the judge force us to sell our home while going through a divorce?
Can a judge forced the sell our home during a divorce? Yes. If one spouse is not cooperating. Hi, . And normally a home is one of the biggest assets a couple of owns. It can also create the biggest disagreement about how it should be divided. There are many reasons why a spouse may not want to cooperate besides a financial one. There are often other considerations, such as emotional value in the home for one or both parties. But in most cases, the couples can work out between each other who's going to live in a home. However, if the parties are not able to agree, then a judge will determine what happens with the marital home. What we find is that the judge's position is that if an agreement about the home is not made, then the
court will order the home sold and the proceeds divided.
Now given both the financial and emotional value of a home though, some may prefer not to sell the home unless the properties desire to do so. However, there are circumstances in which a judge will force the sell of a marital home. Normally when the finances would not allow for one spouse to live in the home, especially if there's a threat that the house would be lost through foreclosure. Now it is essential for those going through a divorce to understand that a court will not automatically put their house up for sale, but that it is a distant possibility. If you are currently separated or in the process of a divorce and are concerned about your home, it's crucial that you consider all of these important issues. You may consider a free consultation with a professional real estate agent and or attorney to discuss your options.
2019 Maintenance Tax Law Changes
This article amends and corrects information in a prior article. One of many changes to the tax code in 2017 is a change to the maintenance (spousal support) tax laws. That provision that takes effect January 1, 2019.
Maintenance will no longer be tax deductible to the payor, and will no longer be taxable income, if it is provided for in divorce or separation instruments that are signed after
December 31,2018.
The Term "divorce or separation instrument" means- (A) a decree of divorce or separation maintenance or a written instrument incident to such a decree, (b) a written separation agreement, or (C) a decree (not described in subparagraph (A)) requiring a spouse to make payments for the support or maintenance of the other spouse.
Maintenance payments provided for in a divorce or separation instrument signed before January 1,2019 are still deductible to the payor, and taxable income to the payee.
Maintenance payment that are in a pre-January 1,2019 divorce or separation instrument that are modified on or after January 1, 2019, will be subject to the new "no income, no deduction" law, unless the parties opt into the old law status of "income to the payee and deductible to the pay or."
-Greg Greenstein, Esq.
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Tax Issues for Sale of the Family
The old law prior to Tax Relief Act 1997 (TRA)SAID
- We could rollover our gain into a house of equal or greater value without
realizing capital gains.
- We could take a one time $125,000.00 exclusion from capital gain after age 55.
- Our capital gains were taxed at 28%
Common Law Marriage
3 Things that make you common law married in Alabama.
- You and the other person must have the legal right or "capacity to marry."
- You both must hold yourselves out to family, friends and the community as being married.
- The marriage must have begun prior to 2017.
What does capacity to marry mean?
- You must be a adult (19)
- Must be of sound mind
- Can not be married to
someone else.
Is a common law marriage legal in Alabama?
- A common law marriage is just a legally binding as a ceremonial marriage. It can only be ended by a divorce or the death of husband or wife.
Did you know???
The State of Alabama no longer recognizes common law marriage effective January 01,2017.
Our new exclusions allowed under Tax Relief Act 1997 (TRA '97)
- Single taxpayers can exclude $250,000.00 from capital gains.
- Married filling jointly can exclude $500,000.00 from capital gains.
- These exclusions are allowed for one sale every 2 years
- if they lived in the home for two years.
- New tax Rates are:
- 15% maximum for taxpayers in upper brackets.
- 10% for tax payers in the 15% bracket
Property
What is our property?
Separate Property?
- What you bring into a marriage
- What you inherit during the marriage
- What you receive as a gift during the marriage.
Martial Property
- All property acquired during the marriage-No matter who name it is in
- In some states, the increase in value of separate property.
Property Settlement Note
- Is used to equalize settlements and should be collateralized.
- Not taxable to the recipient as it is still considered division of property. (The interest is taxable.)
- Will not survive bankruptcy if not collateralized.
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Mobile, Al 36602
Phone: (251) 654.1648
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Dream Homes By Tamika is a licensed Realtor in the state of Mobile. My love for the community I live and work in are why I do what I do. Stop by the office and experience the Dream Homes By Tamika way of Mobile County area real estate.
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