Divorce and DVC contract

[McMonsters]

We have a 75 point direct contract that is nearly paid off through Disney. Is it easier to remove a person from the loan before paid in full or after? Any thoughts/suggestions/prayers on the subject of divorce and DVC would be appreciated

 

[AstroBlasters]

We have a 75 point direct contract that is nearly paid off through Disney. Is it easier to remove a person from the loan before paid in full or after? Any thoughts/suggestions/prayers on the subject of divorce and DVC would be appreciated

I don’t know if you can remove someone from a loan, but they could definitely be removed from a contract after a financial separation agreement is made.

Here is a site that could be good to read through with regards to financial assets and divorce when you have the time and emotional energy: https://www.fidelity.com/learning-center/life-events/getting-divorced

 

[MICKIMINI]

I am so sorry. I would think paying the loan in full would be one less hoop to jump through before removing a name from the contract. Take care.

 

[McMonsters]

I am so sorry. I would think paying the loan in full would be one less hoop to jump through before removing a name from the contract. Take care.

Thanks, I was thinking the same, getting it paid off and then removing the name. It’s been the kids and I using it the whole time and keeping it allows me to still have that with them.

 

[Disneybuckeye]

Prayers as you navigate this difficult time. I am glad you will be able to keep your DVC.

Perhaps a call to Member Services might provide some insight also.

 

[bakerr6]

Consult with an attorney before you pay off the loan. Making any significant financial changes during a divorce can disrupt the process and potentially cost you more in the l9ng run.

 

[drusba]

Your loan agreement controls what you can do pre-divorce. Typically, if you are husband and wife at time of purchase and creation of the loan, the deed you have made both of you joint owners and the loan/mortgae is also in both names. To change ownership to only one of the owners requires a new deed under which the two spouses transfer ownership to just one such spouse. Loan agreements usually require that the loan be paid off in full if any transfer of the property is made, including any such transfer from the combined spouses to one.

If you go into a divorce proceeding, which decides who gets the property (which can be done by agreement), and the finances indicate the owner keeping the property can pay the loan, mortgage companies often allow the mortgage to continue on the same financial terms with the spouse keeping the property.