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Jack R.
Jack R., Family Law Attorney
Category: Family Law
Satisfied Customers: 6147
Experience:  OH/TX Mediator and Attorney dealing with Family, Child, and Divorce Law
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our house is worth 400,000 and we owe 375,000. my husband wants

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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.
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.

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