How the process of buying out property works in a divorce?

Buyouts of property in a divorce are common. It is often the only way to fairly divide the assets and debts that exist. There are multiple issues to address, including a fair valuation and the method of payment. Valuation is a complex issue worth another post another day. In a buyout, if you are the one selling the asset, then you have to be assured of payment. The best way to ensure this is to exchange payment and title at the exact time of divorce. Anything else is risky and should be avoided if at all possible. Be sure to hire a smart lawyer who is experienced in this field before undertaking this process.

I agree with Mr. Walters. Please consult a Family law attorney in your local area with divorce experience. Many attorneys, like myself, give a free initial consult and can give you clearer guidance based on all the specific facts of your case. Take all documentation with you for review by any attorney you contact, you will get a better assessment of your possible options and outcomes.

I agree with the other two attorneys but I want to expand on their answers a bit. The answer really is: it depends on the property and the assets of the parties. Buying out a business partnership is very different than buying out a house. Most people have to deal with this in buying out a house with both names on the deed and the mortgage. They've been paying on it for quite a while and have built up a fair share of equity. Well, you can't just go to a bank and say "Give me all my equity." What most people do is have one party sign a special warranty deed (I give up my interest in the house subject to [proposals]) and one party signs a deed of trust (I will pay and if I don't and they do, they can take the house). Then one party is granted a special kind of lien called an Owelty lien that gets paid off when the house is refinanced. A provision for refinancing will be included in the final decree of divorce so it's an enforceable order. The best thing you could do right now is sit down to discuss your options with a local divorce attorney.