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I am going through a divorce. And have questions about how…

I am going through...

I am going through a divorce. And have questions about how to get existing loans in individual names vs both.

Lawyer's Assistant: What steps have you taken? Have you filed any papers in family court?

No but once I file and the divorce is final and says which loans are mine and which are his. What do we do

Lawyer's Assistant: Family law varies by state. What state are you in?

Texas

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Answered in 6 minutes by:
5/24/2018
Attorney Wendy
Category: Legal
Satisfied Customers: 1,422
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. As you are already aware, part of the divorce process is dividing both assets and debts. Where a debt will be assumed by one spouse, it is common to require that spouse to refinance the loan and/or get the lender to release the other spouse (the less common scenario as lenders are not generally willing simply to remove one possible person from whom to collect any outstanding monies owed). Especially where one spouse may keep the house and any mortgage, looking into refinancing options now can be helpful so that spouse knows (1) if on his or her own refinancing is an option; and (2) that refinancing is available on reasonable terms. Often if refinancing is not obtained or cannot be obtained, such an asset would then have to be sold with any equity or debt remaining split between the parties. With other types of debts - car loans, credit cards, etc. - typically a new loan is obtained by the spouse taking that debt and the loan proceeds are used to payoff the debt that exists in both names. Speaking with your bank, current lenders, etc. now you should be able to identify options based on your individual circumstances (your own income) to begin the assessment what choices you (and your spouse) may have to divide assets/debts.

I hope this information helps. If you need additional assistance, feel free to reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

Attorney Wendy
Category: Legal
Satisfied Customers: 1,422
Experience: Member at Keefer & Keefer LLC
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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