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#772157 - 07/20/16 11:53 PM Pre divorce debt consolidation
flapdoodle Offline

recently joined

Registered: 07/20/16
Posts: 6
My wife wants to separate, I feel Divorce is not far down the road. Now she want to consolidate our debt with a refi including a car payment (her car), and the thing that concerns me the most, the college loan we have for her daughter $35k. Is this a bad idea, and why?

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#772158 - 07/21/16 12:47 AM Re: Pre divorce debt consolidation [Re: flapdoodle]
matilda Offline
Pooh-Bah

Registered: 11/11/04
Posts: 2132
I think it is to her advantage to take debt for her daughter's college loan and make it a marital debt. Her daughter would become debt free and you would have paid for 1/2 as each spouse would be entitled to half the equity in the house. If you pay off the car would it just be in her name or both? After her car is paid off she could try to gift it to her daughter so that it wouldn't be held against her portion of the marital assets. It sounds like she is setting you up for divorce and trying to get herself in the best financial situation possible to your detriment. With the little information that you have provided there is no way that I would do it.

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#772159 - 07/21/16 03:11 PM Re: Pre divorce debt consolidation [Re: matilda]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 339
The car is probably already a marital asset/debt no matter whose name is on the title or the loan.

On the college loan, is it your debt (yours and your wife's) or is it in her daughter's name? If the loan belongs to you and your wife it's also probably already marital debt and if you divorce you'll each be responsible for half unless you can negotiate something different.

If you're talking about doing this with a refi of your mortgage, there may be some benefit in that the interest will become deductible and it may produce better cash flow (increase in mortgage payment less than total of car and other loan payments). But if you see divorce coming up you may want to consider how the refinance would impact property division--will one of you be in a position to buy the other out of the house, or will the property have to be sold?

If you're separating not yet in the divorce process, it might still be worth engaging a financial advisor who's familiar with divorce and get some neutral advice--both about whether refinancing debt makes sense and potential impacts on property settlement if it comes to that.

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#772160 - 07/21/16 11:12 PM Re: Pre divorce debt consolidation [Re: matilda]
flapdoodle Offline

recently joined

Registered: 07/20/16
Posts: 6
Thank you. I didn't want to over due the info provided. Wasn't sure of the point where people wouldn't bother reading a giant post.

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#772161 - 07/21/16 11:23 PM Re: Pre divorce debt consolidation [Re: flapdoodle]
flapdoodle Offline

recently joined

Registered: 07/20/16
Posts: 6
Well, this is no longer the hot topic. Now it is me getting out on Saturday. I was hit with all this short of a week ago. I haven't had time to digest it. She wants the first thing to be me getting out, then paying toward the house like I normally do. Luckily, there is a room at Mom's (she could use the company - alzheimer's), but I'm feeling this could be a big mistake. Would/could i be accused of abandonment? She plays the "I don't know what I want" card. Calls it a separation, but I see is now making plans out to Labor Day so far. No talk of more Therapy at any point for me or us. Yes she'll miss me a bit, I'm sure. However, I think she finally cleared the hurdle that she so feared for quite a while (telling her/our daughter Nat) She took it well, so next is the son who's in DC, that won't be a problem.

She says she wants to stay in the house for 2 years to let Nat get settled in the job world (just got MSW and is working) I know this is just part of her grand plan which also gets out of her job (hairstylist at salon my sis owns) she has been there 12 years and hated almost every minute of it. It has actually caused A LOT of the problems in our marriage.

Feel free to chew on all that and spit some thoughts back at me. Thanks

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#772162 - 07/22/16 12:22 AM Re: Pre divorce debt consolidation [Re: flapdoodle]
matilda Offline
Pooh-Bah

Registered: 11/11/04
Posts: 2132
I think you need to go to an attorney and have a consultation before you move out or agree to anything. Many lawyers will give you a free initial consultation. I'd start writing down all of your questions and make several appointments. Please don't hire the first one on the spot because you need to find the right fit for your situation. From the information it appears she is only looking out for her best interests, not yours. Also start collecting all the documentation that you can about your financials-mortgage, loans, credit cards, insurance (car, life), bank statements etc. These might all of a sudden disappear and then you would have to go through a big hassle to get copies. I'd also run your credit report so that you have an idea of what obligations you have on your report because spouses sometimes hide expenses or start charging things up so that they bill has to be split.

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#772163 - 10/07/16 04:25 AM Re: Pre divorce debt consolidation [Re: matilda]
veronica123 Offline

recently joined

Registered: 10/07/16
Posts: 22
Are you looking for a loan of urgency? either:
To boost your financial activities?
To renovate the Interior of your apartment; House; building?
Rental?
Car purchase?
Credit for the wedding?
Settling a debt?
For the realization of a project?
Pregnancy?
Divorce?
Surgical operation or words of health
Or for other reasons etc...
Person-to-person loan offer I put at your disposal a ready to
starting from 5000$ to 250000$ with very simple conditions at a rate
2%, 3 years, 4 years, 5 years
For more information please contact me directly to my address
e-mail: beaujeanveroniquepatricia@gmail.com
PS: I lend only to people likely to pay back me and honest
my money

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#772795 - 12/07/16 05:35 AM Re: Pre divorce debt consolidation [Re: flapdoodle]
knoxfamilylaw Offline
newbie

Registered: 12/07/16
Posts: 25
Loc: Melbourne, Victoria, Australia
I'd get a professional opinion, last thing you want is bigger payments after your divorce
_________________________
Accredited Family Law Specialists - http://www.knoxfamilylaw.com.au

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