I and my husband are living in a home(first). Both our names are on Title and mortgage on the 1st home, remaining balance of 150K and it is worth 100K in AZ.
My husband purchased another home in Chandler(second) worth 255k (zillow 266k).
I have signed a disclaimer deed on 2nd home. I have filed for legal separation now. How will the property be split between us. Will I be given the First home since I am not on the title of the second home?
Also my husband suggests I sign for short sale on the 1st home.
and that in exchange he will add my name to the Title on the 2nd home. can I do such transaction during legal separation which is beneficial for me, should I let go of the 1st home for the title on 2nd home or continue to pay the mortgage hoping the court will give me 1st home.
Real Estate Attorney
I am not a divorce attorney, but, if you two are splitting up, it is my personal opinion that you need to look at all of your joint assets together before deciding how to divide things up. As a real estate attorney, I will tell you that I have met with many divorced individuals who had been in a similar situation as you and your husband's, only to find out after the fact that they (and sometimes the ex) made some bad decisions with respect to their underwater home(s). I strongly advise that you speak to a real estate attorney before determining who is getting what with respect to the homes. You both may decide to get rid of both!
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