Divorce and DVC contract

[McMonsters]

We have a 75 point direct contract that is nearly paid off through Disney. Is it easier to remove a person from the loan before paid in full or after? Any thoughts/suggestions/prayers on the subject of divorce and DVC would be appreciated

 

[AstroBlasters]

We have a 75 point direct contract that is nearly paid off through Disney. Is it easier to remove a person from the loan before paid in full or after? Any thoughts/suggestions/prayers on the subject of divorce and DVC would be appreciated

I don’t know if you can remove someone from a loan, but they could definitely be removed from a contract after a financial separation agreement is made.

Here is a site that could be good to read through with regards to financial assets and divorce when you have the time and emotional energy: https://www.fidelity.com/learning-center/life-events/getting-divorced

 

[MICKIMINI]

I am so sorry. I would think paying the loan in full would be one less hoop to jump through before removing a name from the contract. Take care.

 

[McMonsters]

I am so sorry. I would think paying the loan in full would be one less hoop to jump through before removing a name from the contract. Take care.

Thanks, I was thinking the same, getting it paid off and then removing the name. It’s been the kids and I using it the whole time and keeping it allows me to still have that with them.

 

[Disneybuckeye]

Prayers as you navigate this difficult time. I am glad you will be able to keep your DVC.

Perhaps a call to Member Services might provide some insight also.

 

[bakerr6]

Consult with an attorney before you pay off the loan. Making any significant financial changes during a divorce can disrupt the process and potentially cost you more in the l9ng run.

 

[drusba]

Your loan agreement controls what you can do pre-divorce. Typically, if you are husband and wife at time of purchase and creation of the loan, the deed you have made both of you joint owners and the loan/mortgae is also in both names. To change ownership to only one of the owners requires a new deed under which the two spouses transfer ownership to just one such spouse. Loan agreements usually require that the loan be paid off in full if any transfer of the property is made, including any such transfer from the combined spouses to one.

If you go into a divorce proceeding, which decides who gets the property (which can be done by agreement), and the finances indicate the owner keeping the property can pay the loan, mortgage companies often allow the mortgage to continue on the same financial terms with the spouse keeping the property.

 

[Maistre Gracey]

It’s a 75 pt contract and you are close to the end of the loan.
I mean, I’m guessing it’s not huge dollars here…

 

[Narcoossee11]

It’s a 75 pt contract and you are close to the end of the loan.
I mean, I’m guessing it’s not huge dollars here…

You are right not really a large financial assets UNTIL the other owner was to 'stick' to the other owner.
Wife as paid it off and WANTS this asset and husband's lawyer can use these against wife.
Move causality.

 

[bumbershoot]

We have a 75 point direct contract that is nearly paid off through Disney. Is it easier to remove a person from the loan before paid in full or after? Any thoughts/suggestions/prayers on the subject of divorce and DVC would be appreciated

My then-STBX didn't want the contract so we added my name and took his name off using LTT. Our contract was paid off. I used LT Transfers and in 2018 it was under $200.

I'm really sorry you're going through this.

During future trips be aware that any of you might have unexpected emotions. In 2020 I was able to create a trip for extended family involving a 2 bedroom at Bay Lake, my home resort but one my ex had never been to. As I walked into the master bedroom and saw the aesthetic of it, I teared up because he SO would have loved it, but had made the choices he made so he likely will never get to see any part of Bay Lake. Oh well. Anyway, expect the unexpected, and take the time for extra hugs.