house debt in divorce

[jake000]

I owned my house before marriage with a 90,000.00 mortgage. The property was appraised at 160,000.00 After marriage and several refinances to pay off marital debts credit cards , car loans etc. We now have a $318,000. mortgage. The house is appraised at 260,000. If I stay in the house would my spouse be responsible for some of those debts in refinancing. Believe it or not we actually have refinanced for 228,000. over the years.

 

[army judge]

It depends on what happens in with the divorce. Some divorce decrees hold both parties responsible, with one buying the other out of their equity. Sometimes an offset is applied against the child support or spousal support. In upside down homes, it depends on what the lawyers negotiate.


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