 marshaalavin
Joined: 21 Sep 2009
Posts: 2
1.84 Dollars($)
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 Posted: Mon Sep 21, 2009 11:07 am Post subject: Process of Divorce and loaned properties |
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My husband I are on the initial step of divorce. We have to properties. First property is a beach house in North Carolina, which is also co owned by my husband,his father and mother.the four us took out a loan of 699,999$ to pay for the lot and construction.O on top of that out of pocket expenses reached about 350,000 to finish and furnish the property. Problem is my in-laws spent about 3/4 of the amount of the out of pocket expenses in which we have to pay him back every month for the amount of 3000$.
Secondly, My husband and I bought a condo as our primary residence in NJ for 300,000, it's been owned for 2 years now.
Problem in, my husband and I are divorcing and he is asking me to refinance the vacation house otherwise he said he will contest the divorce. My question is that advisable to do? Will a quit claim deed help me in this situation? What's going to happen with our house in NJ? Will it end up for forced sale? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Mon Sep 21, 2009 11:12 am Post subject: |
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marsha, this is a topic that's best suited for an excellent lawyer. perhaps joshua heard, who's shown his expertise here, can provide you with the advice you need.
however, i think you'll be wise to retain a good lawyer who can get into the details of what your husband's contesting of the divorce might mean to you and to the properties.
i don't quite comprehend the beach house arrangement - is it that you and your husband must repay half of that $350K? and wouldn't your inlaws be willing to drop their request from $3000 per month to something more affordable in light of the marital split?
honestly, you've got to be very careful as to how much you heed the advice you'll be given. sound legal advice goes a long way.
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George M. Akerley
Loan Consultant
860-221-5044 |
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