In a Rhode Island Divorce, marital assets are equitably divided. So are marital debts. Marital assets are those acquired during the marriage and it does not matter if the asset is in joint names or only the name of one of the parties.
During a Rhode Island Divorce, one party may buy out the other spouse's interest in their jointly owned real estate. One spouse applies for the mortgage refinance, requesting cash money coming out in order to pay the other spouse for his/her share of the equity. In a divorce, this is considered "extenuating circumstances" and it's not considered a "cash-out" refinance that can mean higher interest rates and require stricter loan - to - value requirements. At the time of the refinance, the "bought-out" spouse signs a Quit Claim deed to the party retaining the home (or other parcel of real estate).
Clients and divorce professionals focus on assets and how they will be divided. Who gets the house? How will retirement accounts split? How much will I walk away with? There are fewer questions about debt.