Legal Question in Family Law in Massachusetts
I am married three years and getting divorced, and my wife is 31 and wants a alimony and a settlement of our savings.
I understand that property (bank accounts included) and debt are to be settled and divided in some manner.
My question is: My mortgage is 240K and my home value has dropped to about 150K. Is the balance of negative equity (90K) considered a debt?
Thank you
Max Cavallaro
3 Answers from Attorneys
Depends-currently the mortgage is the debt (240K) while the 90K negative just shows that there is a negative amount on the equity of the home. If the bank were to foreclose and sold the home for less then the 240k, the balance due would then become a debt.
Max,
I strongly recommend that you retain an attorney. If you and your wife are capable of agreeing on the terms of your divorce, an attorney can assist you in understanding all of the issues and the possibility of filing an uncontested divorce.
Your wife needs to know that, except in rare circumstances, alimony is generally not appropriate for a three year marriage.
Your mortgage debt is just that - a liability. Give our office a call if you would like to discuss your case in greater detail. 617-357-4898.
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