This course follows along with a sample separation agreement which can be downloaded here.
Now we’ve moved into talking about the property settlement itself, and you’ll see that paragraph 7 relates to the marital residence. So this would relate to any kind of real estate that you and your spouse own. The marital residence tends to relate to the one that is the house that you and your spouse were living together as a married couple.
Keep in mind a couple of things:
The separation agreement and the property settlement itself does not actually transfer the title. So you still will need to, separate from this document, have a quitclaim deed or a non-warranty deed drafted and then recorded with the register of deeds.
And, nothing in the separation agreement is going to change the mortgage itself, which is generally referred to as a note and a deed of trust. So those documents are going to stay in effect.
So, one of the things that we usually do in a separation agreement is figure out how the mortgage itself, the debt will be dealt with. Who’s going to pay it? Who’s going to pay the home owners insurance and the taxes on the house? Who’s going to pay the home owners association dues? Who’s going to maintain the house? What happens if someone doesn’t make the mortgage payment? And, is there a time period that the person who’s going to stay in the house has before they need to refinance the house or sell it so that the person who is going to be leaving the house