Q: My wife and I are currently seperated, but living together. We have debt, a home, and children.
We have about 80,000 in debt that is currently only in my name through credit cards and debt consolidation. This was for some personal use, but mainly for pop up expenses. The home is in my in-laws and wife's name. This is because we were able to get a better rate with them on and myself off of it at the time. My wife and I also have a 24k HELOC loan in which my name is on it. We have 2 boys 14 and 16. I am currently still living in the home, because she can not afford for me to move out currently. I am just looking for advice as to what I should and shouldn't be doing. If I am entitled to any part of the home. If all of the debt (since in my name is strictly mine?) We have sought therapy, but we no longer want to be together.
A: How long have you been married? How long ago was the home purchased? Did you use any of your pre-marital funds as a down payment? There are numerous questions that will need to be answered to address your question. I would also need to know your income. Did you meet with a bankruptcy attorney yet? You and your spouse, may be able to file for bankruptcy together. Or, if your wife does not have debt, you may be able to file. A bankruptcy attorney can best advise you on this. As to the dissolution of marriage, if this is the path you are considering, speaking with a divorce attorney is the best thing you can do. Many attorneys offer a reduced fee initial consultation. Either way, I would start with a consultation with a bankruptcy attorney first and than a divorce attorney.
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