Mortgage debt


#1

Who gave you this advise? If it were your attorney, I’d ask him/her these questions. If it were someone tring to “help”, I’d think twice. What does the judge’s sympathy have to do with the division of property? NC is a no-fault state.


#2

Without reviewing your finances it is hard for me to give you an opinion on this issue. Generally, all assets and debts are divided equally. If one spouse has a house that is paid for and the other has a considerable mortgage, the court may consider that factor when dividing the assets.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

I was told to pay off the remaining mortgage of the martial home with the thought being that a judge would be less sympathetic (with regards to my retirement) toward the dependent spouse (who still earns ~$40K) since that spouse would be given the home. I continue to earn ~7 as much as the spouse. I am hesitant to do that first because it would deplete a large sum of my on-hand cash and second, I assumed that as part of the division process, debt would be divided just as assets are. What do you suggest?