Legal Question in Family Law in Minnesota
New Wifes tells me how much credit card debet she has
I have just gotten mairreid and now my wife is telling me how far in debit she is. Yesterday I had to sighn as co-borrower on her son's sudent loan, because her credit is no good. She bought (making payments)on the house we are living in now. question is if I give her enough money to pay her cards off, telling her I want that much equaty in the home. Will that work. She makes 5 times more then me so I will not be able to conrtibute much to the house after that. If we were to get a divorce later could I get the credit card money and half of the equaty in that house?
1 Answer from Attorneys
Re: New Wifes tells me how much credit card debet she has
Signing as a co-signor on another person's debt is generally an unwise move. It means that you are obligated for the debt and, if it is not paid, or payments are late, your cerdit is affected.
If you were to divorce later, it is unlikely that you could get your lost equity back or payments for the debts since it would be viewed as a gift and any equity co-mingled.
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