Posted by River City on September 12, 2003 at 07:43:42:
He might “buy you out” but your name is still on the loan documents. And if he defaults, the lender can hold you liable for the payment of the loan. If you trust him to make the payments in a timely manner, go ahead. You can also have the judge make him solely responsible for the payment with an order in the final divorce decree. That way, if he doesn’t make the payments as agreed in the Note, then you have a defense.
You need to consult your attorney on these issues. Surely you have one!?!? Don’t make the mistake of using the same attorney he is using, as you want an attorney that is totally looking out for your interests in a situation such as this.