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Jack R.
Jack R., Attorney
Category: Legal
Satisfied Customers: 6147
Experience:  OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
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our house is worth 400,000 and we owe 375,000. my husband wants

Resolved Question:

our house is worth 400,000 and we owe 375,000. my husband wants a divorce but his parents gave us 75,000 to buy the house hoping to turn a profit until the housing market changed years ago. since he wants a divorce i don't know what to do with what we owe his parents. they don't want to sale the house because they wouldn't get their money back. what do i do? if he wants a divorce, i don't want to keep my name on a house and he is divorcing me but i love my in-laws and don't want to go back on my word to pay them back.
Submitted: 1 year ago.
Category: Legal
Expert:  Jack R. replied 1 year ago.
Thank you for choosing Just Answer. My name is XXXXX XXXXX I will assist you today.

In a divorce debts are split between the parties. Here you have a $75,000 obligation to parent.

If it was a loan then each of you will owe approximately half. So your obligation is $37,500. Whomever gets the house in the divorce will owe the other party half the equity in the house. The equity is $25,000; half the equity is $12,500.

This is what the balance sheet will look like. I am assuming that parents will not collect from their son. So if husband gets the house,
you would have to pay parents approximately $26,500. Husband would owe parents $48,500. If you get the house the amounts are reversed.

Please accept my answer with a rating of 3 or better so I may get credit for my response. If you have follow up questions please ask. Please note that paying the deposit does not cause funds to be disbursed until you rate my response (3 or greater).

Jack R., Attorney
Category: Legal
Satisfied Customers: 6147
Experience: OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
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Jack R.
Jack R.
1937 Satisfied Customers
OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.