Hi,
New member.
My wife and I are in the process of separating/divorcing. It has been very amicable from the start. We're both interested in doing what is best for the children.
Part of that is my being able to secure a stable home environment and so far the living situation in my area via an apartment isn't the greatest. A condo would be ideal for both me and the kids. The problem we've run into is I am unable to secure a loan for the condo because I'm seen as the primary lender on our home and the payments have been made through my checking account only.
The suggestion given to me from several lenders is to refinance the home and have it then seen as my wife being the sole owner of the home. Our legal agreement would then stipulate what I would pay as support which I've already agreed would be significantly more than what MA law requires. In fact, I'm agreeing to paying 77% of the mortgage via support. It would also have language in there about when the house is sold then the profits are to be split 50/50.
BTW....we don't plan on selling until kids are out of high school.
Here's the thing though. My wife gets nervous with this kind of stuff so I encouraged her to seek out an attorney's advice. The attorney advised her against taking sole ownership of the house. The lawyer suggested I rent month to month for now, filing for divorce and then looking at other buying options after we file for divorce which would mean having to go back to court to file to amend the initial agreement.
Does recommending to my wife to not take sole ownership of the house make sense? It doesn't to me.
Any thoughts appreciated.
Ed
New member.
My wife and I are in the process of separating/divorcing. It has been very amicable from the start. We're both interested in doing what is best for the children.
Part of that is my being able to secure a stable home environment and so far the living situation in my area via an apartment isn't the greatest. A condo would be ideal for both me and the kids. The problem we've run into is I am unable to secure a loan for the condo because I'm seen as the primary lender on our home and the payments have been made through my checking account only.
The suggestion given to me from several lenders is to refinance the home and have it then seen as my wife being the sole owner of the home. Our legal agreement would then stipulate what I would pay as support which I've already agreed would be significantly more than what MA law requires. In fact, I'm agreeing to paying 77% of the mortgage via support. It would also have language in there about when the house is sold then the profits are to be split 50/50.
BTW....we don't plan on selling until kids are out of high school.
Here's the thing though. My wife gets nervous with this kind of stuff so I encouraged her to seek out an attorney's advice. The attorney advised her against taking sole ownership of the house. The lawyer suggested I rent month to month for now, filing for divorce and then looking at other buying options after we file for divorce which would mean having to go back to court to file to amend the initial agreement.
Does recommending to my wife to not take sole ownership of the house make sense? It doesn't to me.
Any thoughts appreciated.
Ed
