Divorce Legal Problems
 

I'm not sure if this is the right thread for this but I need some advice for a friend.

My friends mom and stepdad got divorced recently, the dad got a lawyer and the mom didn't. Well the mom foolishly signed the divorce papers and now she is completly screwed. Namely here is the big problem. Her name is on both the house and a $100 speed boat. She has not entitlement to either of these assests, is not required to make payments on them, but is still responsible for the debt, ie her name is on the loans in case he defaults. Well now she can't go get a house herself because of these loans. What are her options? Right now were all just hoping the guy will be nice and take her name off the boat and house but the chances of that happening aren't looking good. I think they guy wants to have control over his ex-wife. Any suggestions would be great. Thanks

I know laws vary from state to state. In Ga you cant get your name "off" a home loan unless its refinanced....the finance company doesnt care what the divorce papers say as far as who's "supposed" to make payment, they will not take a name off just because of the divorce decree.

Yep, think of it from the perspective of the finance company. Unless he can qualify and negotiate for same or better terms on his own then the finance co has no interest in letting any security (her) off the hook. Divorce negotiation usually involves deciding who & how these things happen, which is why large assets/debts are often sold.

Someone in Tilted Finance probably has a better handle on this.

The same goes for Texas... Lenders couldn't care less whether a couple divorces or not. They just want their money as agreed. It's a shame she just signed off on the divorce papers. In situations where there is a substantial money, property, or other possesions...and even more so when those items are financed, a lawyer is critical in protecting your interests.

Sorry to hear about your friend's Mom, and her situation. You know... just a thought. He can't sell or trade those items without her signature either... so maybe her ex will realize this and offer to refinance house and boat just to get her name off the notes. Maybe a little bargaining leverage?

Good Luck!

She needs to get a lawyer. Now.