I currently reside in Ohio and believe that sometime between the end of this week and mid-July my wife and I will agree to do a Dissolution of Marriage. I'm gathering information and getting everything ready but face some obstacles that I'm not sure how to get around.
Some basics:
I plan on seeing a local attorney for drafting the separation agreement (different from a legal separation) which is a prerequisite for obtaining a dissolution. The agreement plans out everything from division of property, how the child will be cared for, spousal support, etc.
I'm not sure how to handle the house. As much as I want to move forward as quickly as possible, it's a big obstacle. Ideally we'd sell the house and split the debt but it's not in any condition to be sold right now. Investing the money and time to get the house ready to sell means remaining living with each other, potentially for a year or longer. We could do it, but I image the stress and strain would wear on us. Alternative of doing the repairs on credit, then having the debt from the house being underwater and the debt from the credit card reducing our overall financial ability to live separately.
I don't believe we can file for dissolution until we have a very clear plan on dealing with the property. An alternative would be to file for Divorce and have the court order a short sell, but the legal costs are much higher than doing a dissolution, and this would become a much larger financial hit.
Ideas or advice? Are others in similar situations and what did they do, how did it work out, and what would they do differently?
Thanks,
S40
Some basics:
- Mortgage is underwater (2nd mortgage also involved)
- Neither of us can pay for the mortgage on our own without a severe financial struggle
- House requires extensive repairs
- Very little money saved to do the repairs
- Not able to get a loan based on equity due to 2nd mortgage and the primary mortgage being underwater
- Credit card available to cover repair costs, but it's an additional debt that still needs to be paid
I plan on seeing a local attorney for drafting the separation agreement (different from a legal separation) which is a prerequisite for obtaining a dissolution. The agreement plans out everything from division of property, how the child will be cared for, spousal support, etc.
I'm not sure how to handle the house. As much as I want to move forward as quickly as possible, it's a big obstacle. Ideally we'd sell the house and split the debt but it's not in any condition to be sold right now. Investing the money and time to get the house ready to sell means remaining living with each other, potentially for a year or longer. We could do it, but I image the stress and strain would wear on us. Alternative of doing the repairs on credit, then having the debt from the house being underwater and the debt from the credit card reducing our overall financial ability to live separately.
I don't believe we can file for dissolution until we have a very clear plan on dealing with the property. An alternative would be to file for Divorce and have the court order a short sell, but the legal costs are much higher than doing a dissolution, and this would become a much larger financial hit.
Ideas or advice? Are others in similar situations and what did they do, how did it work out, and what would they do differently?
Thanks,
S40
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