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Separation of assets/debts getting complicated

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What is the name of your state? currently CA, but plan to file in OR

Based on advice here and the Family Law Assistance Centerat the courthouse I thought we had a good plan, but now I'm not so sure.

Here's a little background, if you don't remember my previous posts.

I've been married for 7 yrs, together 10. I'm a SAHM to an almost 5 yr old and a 6mo old. We moved to Cali 2 years ago (elective job transfer). We bought a house in August and borrowed the down payment from my parents.

Our plan was for me and the kids to move to OR with my parents (also within 30 minutes of his parents and siblings). I would have physical custody, he would have reasonable visitation, and we would share legal custody. He would get the house, all possessions except for stuff belonging to the kids, the car, the motorcycle, and all of our debt. I would get the mini-van that we owe about the same on as the debt. He would get a LOC and pay off my parents and essentially have 0 equity in the house.

This plan seemed fair and equitable. He has been in the process of getting a LOC and after that was in place we were going to get an assumption on the house to remove my name, and transfer all credit card debt into his name. I was going to refi the van and remove his name. We were trying to get this all in place so we could move at Christmas. Once my residency was established in OR we would co-petition divorce, and waive the 90 day waiting period.

We found out today that getting the assumption isn't as easy as I was told by customer service. They are now saying we have to have the divorce decree first and then he would have to qualify for the loan all over again. We doubt he would then qualify because he would have the LOC and now cs payments. He said that means we could do 2 things... 1) sell the house and split the loss (about 30k) 50/50 or 2) keep my name on the house for a while. I don't like option 1 at all as I would have no way to pay for it, but I am concerned about leaving my name on the house.

Am I at any greater disadvantage with leaving the home with my name still on the house? As long as we are still married, even if my name was removed, I could still be held financially liable, right? When the judge divides debts do they look at income/ability to pay or just split the debt 50/50? If I agreed to keep my name on the house for now, what would happen when we divorced? If after the divorce is final and I'm still on the loan, he had to BK, but protected the house, would that BK somehow effect me?

Sorry for all the questions. Just when I thought we had a plan and everything under control, I've been thrown for a loop and am back to being confused as ever.
 


Brookenstein said:
What is the name of your state? currently CA, but plan to file in OR

Based on advice here and the Family Law Assistance Centerat the courthouse I thought we had a good plan, but now I'm not so sure.

Here's a little background, if you don't remember my previous posts.

I've been married for 7 yrs, together 10. I'm a SAHM to an almost 5 yr old and a 6mo old. We moved to Cali 2 years ago (elective job transfer). We bought a house in August and borrowed the down payment from my parents.

Our plan was for me and the kids to move to OR with my parents (also within 30 minutes of his parents and siblings). I would have physical custody, he would have reasonable visitation, and we would share legal custody. He would get the house, all possessions except for stuff belonging to the kids, the car, the motorcycle, and all of our debt. I would get the mini-van that we owe about the same on as the debt. He would get a LOC and pay off my parents and essentially have 0 equity in the house.

This plan seemed fair and equitable. He has been in the process of getting a LOC and after that was in place we were going to get an assumption on the house to remove my name, and transfer all credit card debt into his name. I was going to refi the van and remove his name. We were trying to get this all in place so we could move at Christmas. Once my residency was established in OR we would co-petition divorce, and waive the 90 day waiting period.

We found out today that getting the assumption isn't as easy as I was told by customer service. They are now saying we have to have the divorce decree first and then he would have to qualify for the loan all over again. We doubt he would then qualify because he would have the LOC and now cs payments. He said that means we could do 2 things... 1) sell the house and split the loss (about 30k) 50/50 or 2) keep my name on the house for a while. I don't like option 1 at all as I would have no way to pay for it, but I am concerned about leaving my name on the house.

Am I at any greater disadvantage with leaving the home with my name still on the house? As long as we are still married, even if my name was removed, I could still be held financially liable, right? When the judge divides debts do they look at income/ability to pay or just split the debt 50/50? If I agreed to keep my name on the house for now, what would happen when we divorced? If after the divorce is final and I'm still on the loan, he had to BK, but protected the house, would that BK somehow effect me?

Sorry for all the questions. Just when I thought we had a plan and everything under control, I've been thrown for a loop and am back to being confused as ever.

Looking at your questions it appears you have all of the answers infront of you. I think the real question is, why are you not making the hard decisions that are at hand. I would answer your questions, but you have already answered them, I am looking at everything and I do not see where you have not answered your own question.

My advice is to realize that when a marriage is over, it is over. You now have to completely look out for your own interest in regards to your money and credit... I would suggest you do that here.
 

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