carical
01-18-2008, 11:06 PM
My husband and I are separated and doing mediation to divorce but no papers have been filed yet. We own a house together which I live in with our kids. He lives in an apartment with his girlfriend. He had initially agreed that we could live here and he wouldn't want his half of the house value until I sold it when the kids grow up or when we both agree to sell it. Now he wants to buy a house with his girlfriend and he wants his half of the equity in our house. I am not working, so I can't buy him out. He wants to take out a $75,000 equity loan in his name on our home and has agreed to sign the deed over to me. Then he would make the payments on the loan paying it off as soon as he has enough equity in his new home to refinance. Then he agreed to take only $75,000 out of the sale of our home when I sell it after the kids are grown or I decide to sell it for any reason. I agreed that if I remarry I would refinance and pay him the $75,000 then. The house is now worth about $375,000 and we owe $160,000. I don't think he would default because he wants to keep his credit unblemished, but if he failed to pay, I would have to take over the payments to keep the house and he agreed he would only get back what he paid on the loan when it sells. I want to have this agreement checked by a lawyer, and see if I should go for it, then put in legal terms, notarized and made binding if it is a good deal. If I say no deal, he said he would take me to court to divide our property and make me sell now when the market is low and we wouldn't get near what it is worth in a normal market. He would also take 50% instead of just the $75K. I don't want to move our kids from the house they were born in and from neighbors that are like family. This seems like a deal I should take advantage of, but is there any risk other than him failing to pay and me taking over the loan (I'd be notified before any collection activity)?