EQUITY IN
FAMILY RESIDENCE IN WASHINGTON DIVORCE
When a couple
divorces, the equity in the family
residence is divided along with the other
community property in a fair and
equitable manner. If the parties
are in agreement, the house can be sold
and the equity split between them.
The Court will rarely order a forced
sale, with the exception being if the
house is going into foreclosure for
failure to make the monthly payments, and
a sale would preserve that equity.
If the parties
cannot agree, typically the Court will
award the house to one party, and give
the other party a lien for the amount of
their interest, secured by a Note and
Deed of Trust. The Court would then
set a period of time for the lien to be
paid off, and set a reasonable rate of
interest. This allows for the
stability of one party being able to stay
in the family residence, and gives them a
period of time to come up with the money
to pay off the lien. Hopefully in
that period of time, the party's
financial situation will have improved
and they will have either saved the
money, refinanced the house, or can then
sell the house to pay off the lien.
A family law attorney can advise you
about the specifics of your case, the
options available, and insure that your
interest in the family residence is
secured.
Our firm consist of three
lawyers, Peter W. Mogren, Ronald E.
Glessner, and Ruth A. Roti. Our
emphasis is in family law, wills and
probate, and personal injury.
Please click on the topics above for
details about these areas of practice,
including divorce, legal separation,
property division, child support, spousal
maintenance, parenting plans,
modifications, paternity, adoption,
wills, Community Property Agreements,
Durable Power of Attorney, and probate.
Our firm is conveniently located
in Renton, King County, Washington, just
off the freeway at the intersection of
I-405 and I-167. Our attorneys
represent clients throughout the State of
Washington, including the communities of
Renton, Kent, Tukwila, Seattle, Bellevue,
Auburn, Maple Valley, Federal Way, Des
Moines, Burien, SeaTac, Enumclaw and most
of south King County.
The free information contained
in these pages is not
intended to be legal advice, and does not
create an attorney-client relationship.
You should always consult with an
attorney before taking any action. Feel
free to call us at 425-255-4542.
