Can Isign the house over to the spouse?

[slckjij]

What is the name of your state? NC
Me & the wife are on the edge of spliting up. The house & land are in my name but the land was deeded to us from her family. If I leave, she will lose it all. She cannot afford to make the house payments by herself. I don't want her to lose it. What are my options? Can I get my name off of the house note? Where do I go from here? Thanks

 

[VeronicaGia]

What is the name of your state? NC
Me & the wife are on the edge of spliting up. The house & land are in my name but the land was deeded to us from her family. If I leave, she will lose it all. She cannot afford to make the house payments by herself. I don't want her to lose it. What are my options? Can I get my name off of the house note? Where do I go from here? Thanks

DO NOT DO IT! The only way for you to get your name off the mortgage is for her to refinance it or for you both to sell it. If you sign the title off, the mortgage will still be your responsibilty but you will have no right to the property, including forcing the sale of the property. If neither of you can afford it, SELL IT.

 

[nextwife]

Is there a mortgage on which you are a co-borrower?

 

[slckjij]

No. The house is all just me. I don't want it tho. All her family is around it, but I don't want her to lose it, it's her family land. I guess if I leave, it's gone huh? I now know why divorce costs so much, it's worth it! Is there any other way out?

 

[fireboat1]

Seems like it's important for the family and the wife the property stay in the family,Maybe the family in partnership can buy it,and let her live on it for a reasonable price

 

[slckjij]

Thanks for all of the advice. Would I be subject to paying allomy? She makes about $1500.00 less than me per month. We have no kids & have been married for 14 years, since she was 19 years old.

 

[fireboat1]

Alimony depends on alot of things. Your state and others have different laws. If you work and she dont and you were married long, You might have to give alimony. But,you have said you want to give her all the rights to the house. That is worth somethig bud. Dont give it all. You need to survive too and find a place. About the property. You think her family could raise enough and pay the mortgage off ,getting you off the paper and they all can enjoy the property with their daughter and sister. Just a suggestion.

 

[slckjij]

I don't really know if her family could do that or not, she has alot of sibilings who are not to bad off money wise?! She works, pays her bills & I pay mine, which includes all of the mortgage. I really don't care about the house & property I just want out. If I did have anything left to do with the property it would have to involve her family at some point & time, don't care for that. I can't really kick her out of the house on her family land! So I gotta be the one to go. I make enough money that I can find me something elsewhere & start over. But like I said, she does not earn enough to pay her bills & a mortgage too. Well, nobody said it would be easy!

 

[Bali Hai]

Thanks for all of the advice. Would I be subject to paying allomy? She makes about $1500.00 less than me per month. We have no kids & have been married for 14 years, since she was 19 years old.

You make $18k per year more than her.

Strictly based on these numbers alone, to equalize the earnings "Your Highness" COULD order you to pay her 9k per year for 5-7 years or more.

Since you are being so generous and concerned that she keep the house and property, would that amount of alimony take care of the mortgage for her?

Not suggesting you do that, but since you are contemplating financial suicide this would be one suggestion for you.

 

[slckjij]

Since you put it like that, geezzz! Suicide! OK, I don't do this every day. What should I do without commiting finiancial suicide? Be it she lose the house or not.

 

[Bali Hai]

Since you put it like that, geezzz! Suicide! OK, I don't do this every day. What should I do without commiting finiancial suicide? Be it she lose the house or not.

1) Get an attorney.

2) If neither of you can afford the house and land or neither of you wants it, sell it and split the equity 50/50.

3) Split all other assets (retirement accts, bank accts, etc.) 50/50.

4) DO NOT offer her alimony. Force the judge order it, unless your attorney advises that the alimony she asks for would likely be far more reasonable than the judge would order. Even then consider forcing the judge order the alimony. Once you sign on the dotted line, you're on the hook and forget about getting it modified in court at a later date unless it can be modified per the agreement.

 

[LdiJ]

Since you put it like that, geezzz! Suicide! OK, I don't do this every day. What should I do without commiting finiancial suicide? Be it she lose the house or not.

My suggest is that you sit down with her family and explain to them that you can't remain on the mortgage for the property. Tell them that you don't want it to have to be sold out from under the family, but that it can't remain in your name either. Ask them if they would be willing to collectively refinance the mortgage on the home.

Make it clear that the only other option is for the home to be sold to an outsider.

 

[slckjij]

We have seperate banking accounts. I have a personal account & a business account. Does she get half of my business account? I have to have this money to run my business on. Can she & I do our own divorce settlements?