During My Divorce, Should I Buy Out My Ex-Spouses Share of the House?

 

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During my divorce, should I buy out my ex-spouse’s share of the house? The answer to that is you should not even think about buying out your spouse’s interest unless you have a marital settlement agreement, which settles all your assets and so that everybody knows what everybody’s going to get as a result of the divorce. And hopefully that’s something that you can work out with your spouse as adults rather than anything else as far as your property division is concerned, and then as simply a business decision. But you don’t want to be in a position where you buy out your spouse’s interest in the property and then you pay her for that, and then she turns around and wants more and more money as a result of looking at your other assets or whatever money you have or resources. So, I would strongly recommend that before you enter into any agreement to buy out your spouse’s interest in any real property, that you have a marital settlement agreement and discuss it with your divorce attorney. I don’t do divorces, but my phone number is (727) 847-2288.

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Is It Better to Keep Or Sell a House During a Divorce?

 

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Is it better to keep or sell a house during a divorce? This is a question that you need to discuss with your divorce lawyer. I don’t think that there is any cut and dried answer or anything that I could advise you as to whether you should or should not. It a lot depends on the circumstances of you and your financial standing and also the financial standing of your soon to be ex-spouse, or hopefully soon to be ex-spouse. And so this is strictly a matter that you need to discuss with your divorce lawyer and obtain a marital settlement agreement as far as the house, as well as all the other assets that you have, possibly child support and visitation. So I don’t do divorces, so you can, my phone number is (727) 847-2288.

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What Is a Split Refund?

 

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What is a split refund? I believe this. What your question relates to is, as far as an escrow deposit is concerned, the escrow deposit is where the parties are disputing it, who is entitled to it, and so usually they settle on it and then each party’s received a portion of it, so they split the refund as far as that’s concerned, but sometimes it could be a split refund as far as two different parties that sold the property and they’re each entitled to half or a portion of an insurance refund check or an escrow reimbursement, or any other monies that come into the as a result of the sale of property. If you have any questions, give me a call at (727) 847-2288.

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What Can I Do If a Seller Fails to Disclose Something?

 

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What can I do if a seller fails to disclose a defect in the home that I’m purchasing? Under our Florida law, the seller is required to disclose any facts that may materially affect the value of the property that are not readily observable. This is called a latent defect, and that’s what the Florida Supreme Court found as what they call a tort, and that is the responsibility of a seller to disclose that only on residential transactions, not on commercial transactions. In addition, the standard contract that is used for residential transactions, which has been approved by the Florida Bar and also the Board of Realtors, it provides in here that you are required to disclose any matters that may material affect the value of the property that are not readily observable. In addition to that, the many times the realtors have a seller filled out a seller disclosure form, which is a questionnaire as far as that’s concerned.
So if they failed to disclose that, well, that would be what they call affirmative fraud. So there are three avenues which you could pursue if a seller failed to disclose a defect is one under tort law, which is the case law in Florida. Two is the contract which reprise, and three is if it was not disclosed on the form, your remedy is to ask that the residential illustrate transaction be set aside and you get your money back and you give ’em back the property you have one year from the date of closing to do that. Otherwise, there’s a four year statute of limitations as far as being able to bring this action from the time you discover this defect, one of the big components that you have to prove is the seller knew of the defect. And so just because there’s a defect, if it wasn’t something that you could show the seller knew about, well they came very well, disclose something that they didn’t know. Also what must they disclose. There’s any sorts of things other than just the particular property itself as far as the physical aspects of it as to whether what has to be disclosed. So if you have any questions about this, give me a call at (727) 847-2288.

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Do You Have To Pay Capital Gains Tax On A Home Sale

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Do you have to pay capital gains tax on the sale of your home? Well, that depends. The new provisions or the provisions and the internal revenue code that have been there for several years provides that. If you’re a single person and you sell your home and you’ve lived in the home for two of the past, owned and lived in your home for two out of the past five years, you can exempt up to $250,000 of gain. So, if the sale of your home is less than 250,000, the sale is not even reported to the Internal Revenue Service. You may have to check a box that you sold your house. However, if it’s for more than 200 and $50,000, whenever you do your taxes, your accountant will know to exempt the gain. So, you’ll have to show your basis and then exempt $250,000 of gain if you have more than $250,000 in gain.
Yes, you would have to pay capital gains tax. If you’re married and you own this house jointly and have owned and lived in the house for two out of the past five years, the amount increases to $500,000. So, if the house sells for less than $500,000 per husband and wife, then you can, you don’t even have to report the sale. If it sells for more than that amount, you can exempt up to $500,000. And if you have more than $500,000 of gain, you would pay the capital gains tax on any, any gain over and above the 5,000. If you have any question about the sale of your house, give me a call at (727) 847-2288.

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