Can A Document Be Prepared To Protect Me In Case Of Divorce

[jhguitar1]

What is the name of your state (only U.S. law)? Illinois

Hi,

I recently did a cash-out refinance on my house. Here's the catch. I am remarried and the house was purchased outright by my wife before we were married. My name was added to the deed a year ago. We had some financial difficulty and decided to get a cash out refi. Her credit is very poor, so I secured the loan and it is in my name. We are having marital problems and I may no longer live here. Is there a legal document I can have drawn up stating that if we divorce, she must takes steps to take over the loan in her name in order to get my name off it so it? If I were to leave, I would surrender any rights to the house. I'm just looking for some protection. I hope that makes sense.

Thank You!

 

[Zigner]

What is the name of your state (only U.S. law)? Illinois

Hi,

I recently did a cash-out refinance on my house. Here's the catch. I am remarried and the house was purchased outright by my wife before we were married. My name was added to the deed a year ago. We had some financial difficulty and decided to get a cash out refi. Her credit is very poor, so I secured the loan and it is in my name. We are having marital problems and I may no longer live here. Is there a legal document I can have drawn up stating that if we divorce, she must takes steps to take over the loan in her name in order to get my name off it so it? If I were to leave, I would surrender any rights to the house. I'm just looking for some protection. I hope that makes sense.

Thank You!

It's called a divorce decree. Please understand that if she is unable to actually "take over" the loan due to her financial and credit positions, then it really doesn't matter WHAT the decrees say. Speak to an attorney.

 

[HRZ]

Also the lender is not part of your marriage problems and they may well not let you off any hook until and unless they have a solid way to get paid to their satisfaction...you might be smart not to leave the home you own any too soon.

 

[adjusterjack]

And certainly don't relinquish ownership until she does get refinanced. You can always sign the deed over at closing of a new loan.

Unfortunately, given her poor credit, don't count on her qualifying for a refi any time soon or even ever.

 

[LdiJ]

And certainly don't relinquish ownership until she does get refinanced. You can always sign the deed over at closing of a new loan.

Unfortunately, given her poor credit, don't count on her qualifying for a refi any time soon or even ever.

I agree, but I also wonder what the whole "cash out refinance" actually covered.

 

[LostInCleveland]

Is your wife on title to the house also?