ED when there is more debt than assets


#1

Our house is underwater . I am guessing it is worth at least 70,000 less than we owe.
20,000 in Credit card debt -( he is trying to say it is all mine - cards are in both names personally not business - while alot of charges in beginning were used for business , he worked with me in business and was aware and supportive of all charges made and when things got bad financially business purchases ( product ) were made and monies rec’d from job , monies were used to keep house afloat rather than pay back on cards .He was aware of this and paid on the one card . Cards were also used to pay bills for house , buy food . We paid minimum balances only and eventually stopped all payments to save house .)Would this fall under marital debt ?
cars -husbands is worth more than mine ( about 4000. )
he has 4000 in 401 K
about 1000 lump sum in pension
no savings - the rest is household, furniture etc.
he grosses about twice as much as me with his hidden income . - he did document on loan mod paperwork but has never included business on tax returns
Can I expect alimony ?

How do you divide debt and still keep house ?
How can one person keep the house ? Can I ? How would this look on the ED ?
Note is in my name - my credit is shot because of falling behind in mortgage and ccs . just got Loan modification , I could keep house afloat . I dont have to worry about refi as I already was approved for loan mod - but would struggle to get a lease elsewhere as I am self employed and credit is shot .

I would love to keep house long enough to build some assets , for son to adjust to breakup and keep as much of his life normal ie friends , school etc He has just been diagnosed with ADD so normalcy and routine are what is best for him . I love his teachers . I am his primary caretaker and feel keeping the house would be beneficial at least during the year separation
Is this even possible to keep house at this point or a losing battle and I should just rip the bandaid off so to speak in regards to my son
I am still hoping my husband will change his mind and want to work on relationship .


#2

All debt that was incurred during the marriage and for a martial purpose is martial debt (unless it can clearly be shown that it was for a non-martial purpose, ie buying gifts for a paramour). The debts you list are clearly marital and subject to division.

One person can keep the house and refinance the loan into their own name. Depending on the entire martial estate there may or may not need to be a cash payout to one spouse or the other to equalize the distribution. ( This is because not every asset is divided equally and a payout is used to equalize the property).


#3

If I can elaborate some since I have been envolved with these situations as well.
Question one. How long have you been married. If over 10 years of marriage, certaing laws entitle married parties to entitlements of things such as retirment investments, pensions etc etc. That is usually approved if one spouse was in support of the other whom was earning the annuities. If both parties are pretty much equal in income and benefits, the courts will no honor a request. WHen it comes to alimony, unless your income is more that 50 percent less than his and you retain the house, you probably will not be awarded alimony. NOTE: If you remarry, the alimony goes away.
If the house is in both your names and you want it. Your will have to pay 1/2 of any equity. If your in the negative, you will probably be required to assume all negative with the lender to become sole deed owner. The only possibility I see is an agreement that your X can pay the or part of the mortgage as part of his/her childsupport. Unless otherwise stated, all credit cards are upon both parties unless purchases for outside the marriage were made. It does not matter who baught what. You owe half and you spouse owes the other. For physical property distribution, its best just to sit down and see if you can agree on who gets dinner table sets, livingroom sets etc etc.

Your win win situation is that your X says that he dosent want to try to rebuild the relationship. If you have primary custody of your son, you will have the best chance to win an court order that makes your x help you to stay in the house for the benefit of your ADD son.
Good Luck and God Bless

Our house is underwater . I am guessing it is worth at least 70,000 less than we owe.
20,000 in Credit card debt -( he is trying to say it is all mine - cards are in both names personally not business - while alot of charges in beginning were used for business , he worked with me in business and was aware and supportive of all charges made and when things got bad financially business purchases ( product ) were made and monies rec’d from job , monies were used to keep house afloat rather than pay back on cards .He was aware of this and paid on the one card . Cards were also used to pay bills for house , buy food . We paid minimum balances only and eventually stopped all payments to save house .)Would this fall under marital debt ?
cars -husbands is worth more than mine ( about 4000. )
he has 4000 in 401 K
about 1000 lump sum in pension
no savings - the rest is household, furniture etc.
he grosses about twice as much as me with his hidden income . - he did document on loan mod paperwork but has never included business on tax returns
Can I expect alimony ?

How do you divide debt and still keep house ?
How can one person keep the house ? Can I ? How would this look on the ED ?
Note is in my name - my credit is shot because of falling behind in mortgage and ccs . just got Loan modification , I could keep house afloat . I dont have to worry about refi as I already was approved for loan mod - but would struggle to get a lease elsewhere as I am self employed and credit is shot .

I would love to keep house long enough to build some assets , for son to adjust to breakup and keep as much of his life normal ie friends , school etc He has just been diagnosed with ADD so normalcy and routine are what is best for him . I love his teachers . I am his primary caretaker and feel keeping the house would be beneficial at least during the year separation
Is this even possible to keep house at this point or a losing battle and I should just rip the bandaid off so to speak in regards to my son
I am still hoping my husband will change his mind and want to work on relationship .