Would you rent your marital home from your ex?

[The Mystery Machine]

DON'T Quit claim the house to him. Your name would still be on the mortgage, but you would have no financial interest in the house.

Right.

So OP YOU would still be financially responsible for the house however would get zero money if he sold it and he would kick YOUR BUTT to the curb day one.

(someone could correct me if I am wrong there)

This is NOT the thing to do. Do you have a lawyer? Your STBX is really trying to work you over!

Sell the house, take the hit NOW! Do not burden yourself with the house.

 

[kellyg403]

DON'T Quit claim the house to him. Your name would still be on the mortgage, but you would have no financial interest in the house.

The house should be taken care of in your divorce decree. If I were you, I'd ask for the ex to have to refinance the house in his name. Once he refinances completely in his name, you can change the deed on the house. I'm sure your lawyer can work out the best way to do it. But don't give over your interest in the house without his taking on all financial responsibilities.

Also, I would not want to keep the house and would never rent from someone who I already knew was controlling. Get your own place. Rent a safe place that you can afford. Unless you're doing stuff that is immoral or illegal, it should be hard for a court to give you less than joint legal custody of the kids.

Good Luck!

Ditto...DO NOT quit claim this property if your name is on the mortgage! Very few mortgage companies will take you off the mortgage. You will have no interest in the property, but any monies due will be yours also. In your divorce decree, if you are willing to let him have the property, you can stipulate that he is refinance in a certain time frame, get a garuntee in writing fromt he mortgage company that once the divorce is final they will remove your name (not likely to happen)etc. Until the day that house is sold I would not sign any thing. If something should come up you would be stuck paying on a property you have no way to sell, rent or move back into.

I would also look around. The kids and I were lucky and found a house a few blocks from where we lived. They stayed in the same schools but started fresh in the new house. Renting made it easier on me financially since I didn't have to worry about upkeep. The house I gave to him with the stipulation that I would sign a quit claim when there was a contract to sell the house that was firm. I didn't want any of the money and honestly there wasn't much to get. Starting over fresh was way more important to me. BTW, his lawyer stipulated that he would give me full custody of our children if I gave him the house. Mine made the above stipulation and I got full custody of my kids. His whole deal was to win financially. He didn't care about any of the emotional baggage the kids were dealing with or anything else connected to his 'old' family. He was looking to make all his funds available for his 'new' life. In the end, I feel like I won. I didn't win financially because the first few years were tough but darn if it wasn't worth it!

Kelly

 

[kellyg403]

btw, it is hard not to have some type of joint custody. The issues have to large and they have to be proved for the judge to change the current situation. If your children currently live with you, are doing well and you are not causing harm, more than likely you will maintain that. Your ex is trying to use the kids as leverage to get his way. Use it back. As long as your home, rented or owned, is safe and adequate for your children, as long as they are attending school and having no issues that you are not taking care of, they clean and fed, him maintaining the home is not a big deal except in the financial scheme of things. So, if he is trying to lay that on you remind yourself to ask the lawyer what exactly would he have to prove to get the children. You will be more than surprised. Its almost an automatic thing with some spouses to use the children to get their way without a fight...all in the name of scaring you or making you just want him to go away.

If it were me, frankly, I would just find a nice place to rent, move my family there. Have the house dealt with through the lawyer and probably sell it. Regardless of the loss, you are entitled to whatever/if anything that is made off the house. The worst thing that could happen is that he doesn't pay the bills and your credit is shot all to heck. You can make sure you have access to the account and can be checking to make sure the payments are made. Will it be simple to make the payments if he doesn't? Probably not. Which is why selling, even with the realitor losses and equity in the current market. At least you won't have the unpaid mortgage to deal with in 6 months. For every piece of paper the judge gives you, to enforce it will require another court appearance and another piece of paper. Get it all done the first time in a way that is best for BOTH of you not just one. And honestly what is best may not be the easiest or financially best way.

Kelly

 

[The Mystery Machine]

In addition your name is on the mortgage already! Why would you pay rent for a house you already own?!

You could "pay him rent", he blows the money and then the house is in foreclosure.

If you sign a quit claim, he stops paying for the mortgage and then same deal, your FICO is going to be toast.

There is nothing good to come out if this. Get with your lawyer and hammer this house out of your life. Do not keep this link to him with regards to your financial freedom.

The short term debt/loss on the house is nothing compared to what could be in the future.

 

[Wishing on a star]

Everyone is right...

A quit claim deed means you have no ownership of the property.

But, that does NOTHING to take you off the mortgage debt.

There are financial and legal issues here.
It may not even be legal to execute a Quit Claim Deed on a property that has a lien on which you are responsible.

Interest rates are very low. Are they lower than your current mortgage??
If your EX wants the house, I would do whatever necessary to allow him to refinance in HIS name only.
If necessary, he would 'buy you out' for one dollar.
Then, you would be in no way responsible for any mortgage debt, and a Quit Claim would then be a part of the whole process.
But, a Quit Claim on it's own.... NO WAY BABY!!!

Everyone is right. This should all be a part of the division of marital assets, handled legally as a part of your divorce.

Don't confuse yourself further by putting this thru umpteen differing filters.
In this case, your lawyer will know how to proceed. (Hopefully you can trust your lawyer!!!)