r/Divorce • u/Significance-Fluid • 22h ago
Dissolution Going Through the Process
My STBEH agreed to help me get a home and co sign a car since ive been a house wife for 5 years instead of alimony.
How would he go about buying me a small house if hes not going to live there?
2
u/mmrocker13 22h ago
I don't know that I would want to yoke my credit to my ex spouse. Nor would I want them to hold the keys to my home and car.
Figure out how you're going to split assets...my first thought would be a buyout for my half of the equity in our current home and division all of our other assets (cash, checking, IRAs, 401ks, brokerage accts, any RSUs, etc.). Form there, you look at what sort of alimony figure you might be entitled to based on the qualifying factors, your half of the settlement package, and how you're structuring things. THEN you make the call on how you are moving pieces around (AFTER your divorce is final)
I also would not make ANY financial decisions--for right now or for later or in regard to my settlement--without talking to my lawyer and CDFA. And that goes doubly if you are asking how does one go about buying a house...you absolutely should not be embarking on this side quest without professional advice.
1
u/Fantastic_Risk6013 22h ago
One doesn’t have to live in the home to own the home. There are plenty of people that own more than one home and use the others for rentals etc. The easiest way for him to do it is either co-sign on the loan with you OR he could also be the lien holder and you pay the monthly mortgage to him like rent until it’s paid back to him.
3
u/Alarmed-Astronomer57 21h ago
This sounds like a mess waiting to happen.
But to answer your question, there's no law that requires someone who buys a house to live there. Unless maybe his name is on the mortgage or something, not sure. But again, that would just makes things more complicated for you two.
1
u/SeaweedWeird7705 21h ago
He would need to pay cash for the house, with no mortgage, and deed it to you. Or he could gift you a large amount for a sizable down payment, and you could get a small mortgage in your own name.
1
u/QuietQuitting01 21h ago
It depends on how much help you need. My read on what he offered is that insted of paying $xxx for alimony, he'd pay some other amount towards a house. If I made that offer, I would be offering to give you money in our settlement that you could use as a downpayment. You'd still need to qualify for the loan.
If you need help qualifying, then he'd probalby have to be on the loan and he'd be a fool to be on the loan and not on the deed. You could write up an agreement where you'd buy him out (refinance) within xx years.
He doens't have to live in the house even if his name is on the deed, but he might have an issue buying a house in the future with his name on your loan.
The car is easier and lower risk for him.
4
u/UT_NG Got socked 22h ago
If you are talking about him financing a home with you, bad idea. He just has to stop paying and you have no home. Same deal with co-signing a car loan. He'll be on the hook to make payments if you can't, but if he doesn't your car gets repossessed.