mortgage and lease problems

[beetjo]

What is the name of your state? North Dakota
I'm in the middle of a divorce I did not want. Nothing has been argued about however, until my lawyer told me I should have my name removed from the mortgage on our house and the lease of a new van. She and her lawyer refuse. I have already been denied credit (refinancing of car loan to get her name off of it) because of excessive obligations. Also, my insurance agent tells me I could be held responsible financially for any lawsuit arising from the house and van. She states this is unreasonable request, and doesn't know if she can refinance on her own. Am I wrong in requesting this? I'd like to buy a home of my own within two years. Is there anything else that can be done to resolve this?

 

[stealth2]

The house and the car are assets/liabilities. They need to be split. You can request - and the judge can order - that the house be sold & proceeds split, and that the car be turned in prior to the end of the lease & the liability for it is split between the two of you.

 

[kat1963]

MT is right, nothing you can do until the property is refinanced or sold. The mtg & car loan company don't care about your agreement or court order with her, they want their money from the both of you who signed their contract. DO NOT be suckered into signing a quit claim on the house either. Tell your lawyer you want both of them sold or refinanced in her name ONLY. This joint stuff will follow you forever if you don't take care of it NOW. She can default on both, you probably wouldn't even have notice of it until you get something on your door, or your credit report is pulled when you go to buy another home. Dump them both, NOW, legally. If she can't afford it, sell it.
KAT

 

[beetjo]

ND. Good advice, I'm sure, but the problem is our three children. This house is located one block from their school, and to be totally honest, I couldn't emotionally handle doing this (selling the house) to them. Assuming I trust my future ex to pay the bills (I do), and I believe her when she says she'll refinance when she can (I want to),my main question now is, can I be held financially responsible for any accidents that occur on the property?

 

[djohnson]

As long as both names are on the loan and deed then it is still your property also. Anything will continue to apply that has always applied. Insurance should cover most accidents so I'm not sure what kind of accidents you are referring to.

 

[beetjo]

What I'm referring to is if some child stumbles onto the property and gets hurt on the swingset (or some 'attractive nuisance') and the parents sue, will I be liable? Does a quitclaim deed take care of this? Am I able to continue to be insured under our homeowner's policy even when we're divorced?