Quote Quoting lynn smith
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My question involves a marriage in the state of: California.
My husband or soon to be X, can not afford the life he is living and always tried to live well above our means. (ego driven) We built a home way above our means and now because of the market it is only worth 1/2 or less of what we paid-so a very significant decrease. We built the home in 2008 and all of the funds on our loan was used to build and reside in the residence. My husband wants to continue to make these payments (he has a renter) and is telling me that a judge would allow this and allow my name on the martgage for X amount of years until he can refi or until the market picks up. I do not want to be associated with him further, and I am also putting my credit at risk every month on his possible late payments. He is not good with bills. Although it is not the ideal situation and if he can not refi or assume the loan, I would rather short sell. I know this affects my credit for 3 yrs but I don't see the market increasing that much in a short time and I would rather do it now then have it dragged out 2-3 yrs later and then he realize he is in over his head. and have my credit on hold ANOTHER 3 years so now 6 years when I could of ripped the bandade now. Also I was giving him reasonable time to assume the loan. or refi if he could come up with a down payment to match the lower appraisal. (borrow money from family?) I have a few questions: 1. Can a judge allow him to live there for however amount of time as long as he is making payments tying up my credit and tying me to my husband for years to come, so for however long it takes? 2. If we did have to short sell, do we pay capital gains on the loss? I thought the deadline to be forgiven was Jan 2013 but his attorneys are advising him differently, but I know I can't believe them or him. 3. He also has a two partner corporation with a significant amount of stock. I didn't draft anything in the MSA regarding his business only some reimbursement on my relo costs, credit card debt, and minimal reimbursement for the tvs, lg appliances, viking appliances etc that I had left all with him. He has almost all the community property and although the house is flipped, it is custom with the top of the line appliances. With his business he acquired stock before the marriage, but since we married the revenue increased about 600k during our marriage, my name is not on business but again it's in CA. Although they show a loss in 2010 of 250k in debt (loans and car), wouldn't I be entitled to a portion of his stock or business profit if I had to use this card to push back on anything? We make about the same amount of money, and all I want is my name off home and minimal reimbursement and they are telling me I don't have a leg to stand on. I moved out of CA recently so I no longer reside in the area. My attorney is advising me, but what she is telling me is not coinciding with what they say or he says. Do I just go to court and let a judge decide? Can someone out there give me some feedback on who is guiding me correctly and who is misleading me? HELP!!!! PLEASE! All I want is fair. I want him to keep his house, he can have my half, I just want my name off entirely. We have been married from 2006 and seperated Oct 2010. What are all options and WHY do people even get married?! Last questions, 4/ He is threatening to pay his taxes which he will owe about 10k this year. In previous years I bailed him out-almost every year of our married from a savings I had that I drained. Can't I file seperately for federal and then I HAVE to file joint for state correct? HELP!!!!!! I feel like I don't know what or who to believe!! LS
I can just about guarantee that your attorney is NOT the one misleading you. Its best never to take legal advise from a soon to be ex. Its best to let whatever they have to say go in one ear and out the other.