Reply to Husband is dying - no life insurance or savings, I’m a SAHM

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[quote=Anonymous][quote=Anonymous]How is his credit card debt not part of the marital assets and liabilities?

I’m so sorry, OP. [/quote]

It is marital debt in most states (assuming community property and the debt was from during the time of marriage, not prior). OP needs to talk to an attorney and/or finance person asap to figure out how to sort this.

My thinking is the bulk of the debt is mortgage. If they have a ~700k mortgage and ~600k equity then they are presumably living in a house worth about $1.3M. The market is good for sellers, OP needs to plan to get the house on the market to knock out that mortgage. Then try to negotiate down or consolidate the other debt at a low rate. Apply for a hardship with the hospital when bills come due. Often it is sliding scale so if she is unemployed or on a teacher’s salary with 3 kids, she may not owe much at all on the medical bills at least.

Also, her DH must have had a good enough job if they could buy a house that expensive and he’s getting approved for CCs. So hopefully that life insurance worth 1 year salary will create a cushion and help with deposit on a rental. I’d try to move close to the school I’d be working if I were OP. Add in some tutoring hours (sometimes that lays more than teaching) to supplement.

For now I’d worry about housing/groceries/retirement/rainy day fund vs college funds. The kids may need to work hard for scholarships and/or do 2 years of CC and transfer.

I’m sorry OP, this really sucks. Find a professional to help you out of this.[/quote]

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