What is the name of your state?What is the name of your state?What is the name of your state? ID
I currently am and have been a resident of Idaho. Almost one year ago, I got married in Northern California. My wife then relocated to Idaho. Since then, we have purchased two homes. We now want to get [amicably] divorced (filing in Idaho), and have agreed on divison of assets/debt/property. I have a question regarding how to protect my interests, but first, the details:
A few weeks prior to us getting married, I purchased a home here in Idaho for us to live in after marriage. I used separate property money for the down payment (we were not married yet). I repeat -- I paid the down payment from my own funds, prior to funding and just days prior to marriage. A few days after our marriage, the loan funded. The loan was in her name only. Title to the property conveyed after our marriage, so we are joint tenants. For illustration only, I'll refer to this home as our PRIMARY residence.
Six months after marriage, we purchased an investment home here in Idaho for us to rent out. Again, I used my own money for the down payment (from a separate property bank account). This time, we applied for and received a loan together (eg: in both names). Again, title was conveyed as joint tenants. I'll refer to this home as our INVESTMENT residence.
Eleven months after marriage, we are now divorcing (amicably). We both agree that I will be assuming all our non-mortgage debt, that I will be "the owner" of our PRIMARY residence, and that she will be "the owner" of our INVESTMENT residence. In addition, I agree to pay the mortgage on the INVESTMENT home until January 2007.
She will be unemployed as of March 1st 2004... laid off. As a result, she will not qualify to have the INVESTMENT residence mortgage put in her name only. The renters of this home have a one year lease with us, so she does not plan on moving into it yet.
Until she can put the INVESTMENT residence mortgage in her name (taking my name off the loan), I would like some protection so that if she fails to make mortgage payments (after I stop paying in Jan 2007) and foreclosure is pending, I can recover the property prior to foreclosure by making it current again. At the same time, I don't want her encumbering it further (add'l loans or line of credit against the property) until the loan is fully in her name.
My question is: How do we go about achieving the above? Can someone give us some guidelines as to the type of paperwork/deeds to file? I don't think I should convey my interest in the property until Jan 2007... or is there a way that I can "revocably" convey my interest until then? Or do I file a 2nd on the property (for the 25% I put down), listing me as the lender and her as the borrower, then forgive the loan in Jan 2007 (or when she's ready to take my name off the mortgage)? Also... up until Jan 2007, while I'm paying for the mortgage on [what will become] her home, I'd like to deduct mortage interest and depreciation on the rental property. Does this change the paperwork that needs to be filed any?
Also in question: As to the PRIMARY residence, the mortgage is in her name only, even though it is held in joint tenancy. I will now become the "owner" of this home. Should she file a quit-claim deed or a warranty deed to me, to make me sole owner (without regard to the name on the loan documents)?
I'm sorry to present such a complicated scenario... my life hasn't been easy, and it seems that whenever I think life is going smooth for me, things just turn around and bite me in the ass, hard! Thank you for your advice, in advance.
I currently am and have been a resident of Idaho. Almost one year ago, I got married in Northern California. My wife then relocated to Idaho. Since then, we have purchased two homes. We now want to get [amicably] divorced (filing in Idaho), and have agreed on divison of assets/debt/property. I have a question regarding how to protect my interests, but first, the details:
A few weeks prior to us getting married, I purchased a home here in Idaho for us to live in after marriage. I used separate property money for the down payment (we were not married yet). I repeat -- I paid the down payment from my own funds, prior to funding and just days prior to marriage. A few days after our marriage, the loan funded. The loan was in her name only. Title to the property conveyed after our marriage, so we are joint tenants. For illustration only, I'll refer to this home as our PRIMARY residence.
Six months after marriage, we purchased an investment home here in Idaho for us to rent out. Again, I used my own money for the down payment (from a separate property bank account). This time, we applied for and received a loan together (eg: in both names). Again, title was conveyed as joint tenants. I'll refer to this home as our INVESTMENT residence.
Eleven months after marriage, we are now divorcing (amicably). We both agree that I will be assuming all our non-mortgage debt, that I will be "the owner" of our PRIMARY residence, and that she will be "the owner" of our INVESTMENT residence. In addition, I agree to pay the mortgage on the INVESTMENT home until January 2007.
She will be unemployed as of March 1st 2004... laid off. As a result, she will not qualify to have the INVESTMENT residence mortgage put in her name only. The renters of this home have a one year lease with us, so she does not plan on moving into it yet.
Until she can put the INVESTMENT residence mortgage in her name (taking my name off the loan), I would like some protection so that if she fails to make mortgage payments (after I stop paying in Jan 2007) and foreclosure is pending, I can recover the property prior to foreclosure by making it current again. At the same time, I don't want her encumbering it further (add'l loans or line of credit against the property) until the loan is fully in her name.
My question is: How do we go about achieving the above? Can someone give us some guidelines as to the type of paperwork/deeds to file? I don't think I should convey my interest in the property until Jan 2007... or is there a way that I can "revocably" convey my interest until then? Or do I file a 2nd on the property (for the 25% I put down), listing me as the lender and her as the borrower, then forgive the loan in Jan 2007 (or when she's ready to take my name off the mortgage)? Also... up until Jan 2007, while I'm paying for the mortgage on [what will become] her home, I'd like to deduct mortage interest and depreciation on the rental property. Does this change the paperwork that needs to be filed any?
Also in question: As to the PRIMARY residence, the mortgage is in her name only, even though it is held in joint tenancy. I will now become the "owner" of this home. Should she file a quit-claim deed or a warranty deed to me, to make me sole owner (without regard to the name on the loan documents)?
I'm sorry to present such a complicated scenario... my life hasn't been easy, and it seems that whenever I think life is going smooth for me, things just turn around and bite me in the ass, hard! Thank you for your advice, in advance.