Both names on title of house!?

Question

If my wife files for divorce and we owe a boatload of money on our house what are my options. I can't afford afford to move out yet. we are both on title. help!

Answer 1

That's what happened to my parents also.  They had to stay living in the house together.  Sadly that's the only option for many people.

Answer 2

It would depend on your state law. Most states are community property states. So it wouldn't matter if one or both are on the title. She would get half the profits or half the losses. If your house was $120,000.. and the value went up to let's say $180,000..The difference is $60,000 the profit. That is split in the divorce even if you owe a butt load. In the reverse if your house went down in value let's say $100,000..Your loss would be split in half. $10,000.. a piece. You could just bail on the mortgage and the both of you wouldn't have any thing to split. The down fall is your credit would crash for both of you. If you want to stay in the house and there is a equity boost. You will either have to pay her off and clear her name off the title. OR use other house hold items to bargain with to make up the difference. Then clear her name off the title. Title transfers are not too costly. In any event you will need an APPRAISAL to know if your house went up or down in value. I did the bargaining with my 401K  to pay off my EX .. you will not get a penalty on your 401k during a divorce. $32,000 for me in order to keep my house. good luck..

Answer 3

Talk to a lawyer. I am sure there are lots of options!

Answer 4

You'll be forced to sell the house, and pay the debt in order to get a divorce.  If you are both left with no money after doing that then it will be tough cookies for you.  Unfortunately, if you can not do that and continue to live together in it no judge in the world will grant you a divorce, as you will be living together.

Answer 5

Your both on the loan so you both pay for it till it sell or 1 buys the other out> And gets the loan in there name>

Answer 6

Likely you can't afford to buy her out, nor she, you.  So, if your marriage is indeed over, then as part of the assets, you'll likely have to sell it.... unless there are other assets in your combined estate she or you would rather have... an IRA for example, or a retirement pension fund of some sort...... it makes no difference who files.  Half of what the two of you have accumulated since marriage is hers, and half yours.  And the two of you can decide how to split that half.

Frankly, hon, don't get an attorney if you don't have to.... the only way to divorce is  civilly, and simply to agree it is over.... for whatever reason, and as well agree how to split your estate.  If you know that, you can sell or divide things up yourselves, get papers at your county court house, on line, or in any office supply place,  fill them all out with the null sign ( a zero with a / ) sign, and submit with a filing charge in your county.  A judge will sign it, and you and she pay next to nothing.

When you truly don't trust each other in this regard, the next step up is a mediating attorney who fills out the papers according to your combined  exact instructions, usually costing you $75-300.  

And if you each hire one, and have at it in court, you both are lost... the only two who come out ahead are the attorneys..... who have absolutely no interest in your time, or welfare, just your money...at each $450/hr, rounded up to the nearest 30 minutes....  In this case, each of you can about easily deduct $6000.  Ever know a poor attorney?  me neither.