Legal Question in Family Law in California
Protection in an uncontested divorce.
I am 77 looking to divorce my wife who is also 77. We were formally married in CA 1997.
The reason for the divorce is irreconcilable differences.
We live in, and own a home, in N. CA. Our home was purchaaed in 1999 for $104,000. The house has been refinanced twice and the current mortgage on the home is approcimately
$150,000. The house has been appraised at $247,000. The monthly mortgage payment is $1094.00
My only income is from Social Security which currently amounts to $1275.00 per month.
My wife's income is also from Social Security $855.00 per month.
My wife has maintained her own name, and has credit established in her name.
She owns her own car, along with furniture, antiques, and other items of value.
She also has stock with a current value of $5400.00 and monies in the joint account in the amount of 4000.
I have credit established in my name, own a 1991 Ford pickup truck.
I am looking for an uncontested divorce, and am willing to let her have the house, furniture, etc. I will only take my truck, office equipment and books. I will offer $500 per month support for 6 mo. She must sell the house and keep all the proceeds.
What protection do I have if she defaults on the mortgage?
1 Answer from Attorneys
Re: Protection in an uncontested divorce.
You could insert a provision that if she is late on the mortgage payment that the house must be listed and sold. An alternative would be to require the house to be listed for sale within a fes months of the agreement, or refinanced so that you name was not on the loan agreement.
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