Okay! So here’s the deal…
The STBX is currently living in the home that is both partners names; he’s there and she’s not and he professes that he will remain there and keep up the mortgage payment
She is going to be getting possession (temporary court order in DV case) of a car that is financed in both names.
Neither can refinance anything in their own name as it stands right now due to financial limitations. [although she is going to try go get the car put in her name alone and the insurance in her name alone, neither of which she can do unless she can refinance the whole car loan in her name. But suppose she can’t b/c of a late payment history and the house mortgage still in her name.]
He cannot (no way) afford to refinance the house in his name to get her off the mortgage; besides they MIGHT even be upside down in the mortgage. It is difficult to get a good comp on the home if it sells… if they;re lucky to find a buyer now they might, say MIGHT, either break even or come out of it with very, very small amount. Anyway…
There seems to be an impasse at the moment-- if she has the car and he has the house and both names are on each and neither can refinance… what if they/she just prays alot and hopes alot and let’s it be as it is since all hands seem to be tied. How does that affect the ability to get a divorce – if in one year everything stays as is, as has just been described?
You can’t get a divorce without a separation agreement, right>?
And how can you draw up a separation agreement when both of their names are on both the house and car together>?
I mean if a equitable distribution order and judge are involved he’d have them short sale the house at a likely $19K loss divided by 2.
And if the judge orders the sale of the car–they’d both loose financially there too!
So is there a statute of limitations on these things>? I’m just trying to think this through. Do people just go on – as is, as described above – until the economy gets better and hope for the best abd then get a divorce in 5 or 10 years–or maybe never? I mean, if it is going to cause a financial loss to both of them (and of course limitations would be involved too; disadvantages) to push these issues just to get a divorce, maybe they need to stay married just not to ‘take a bath’ financially.
See my point?>
bottom line is … can one draw up a separation agreement that says both names will stay on the property for now and both agree to that for now and they both sign AND THEN THEY CAN GET THE DIVORCE IN YEAR???
Thanks very much… will await your reply… i mean if this was your own sister, what would you tell her to do? she cannot afford to have a judge tell her she has to sell that car in order to split money with him simply b/c she can’t qualify to have it refinanced in her name right now! She couldn;t get a loan by herself to buy a new one. See what I mean?
Man O man! I can see why the institution of marriage is not attractive to people anymore… the law sure doesn’t make it easy to disengage financially! there MUST BE a loop hole or an exception somehow? isn’t there?