C
Coping_In_Vegas
Guest
My wife and I, due to long0term difficulties, are considering a divorce. We have agreed to do a low-cost, no-fault divorce, but have questions regarding a house that we both own (we have a first and second mortgage). I am curious, because cost is definately an issue, if there is a way to give her the house (she wants it), that can remove me from financial responsibility for it. I see three choices: she keeps it, I keep it, or we sell it. Selling it is not a good option because with the second mortgage we would take a net loss of about $25,000 in my estimation. I have been told about a 'quick claim', to transfer ownership to her, but understand that it still leaves me on the mortgage, and I would like to avoid that if it is possible, because I would like to start over 'fresh'. I prefer to avoid 'cut-throat' methods because we are amenable, just not life companions. I'm not sure what facts are necessary to present, but I'll give some in case they help: 2 children (both school age, from previous marriages of hers, no adoption on my part). House and second mortgage are in both our names, with my credit being much better than hers, so refinancing in her name is highly unlikely. 1 car, again in joint name (she wants that also, so ok.) And I feel that whoever gets the house should have all the furnishings, etc. State is Nevada, we make fairly equal salaries, she has child care insurance on herself and the kids through her job, and receives child support from previous marriage on both kids... hmm... I think that covers it. Anyone know what NV law has to say?
Thanks,
Coping
Thanks,
Coping