Trying to figure out the best way to transfer our house/mortgage to me in divorce settlement.

Hi all.

My husband and I are divorcing and trying to figure out the best way to manage transfer of the house to me. He has been the sole bread-winner for the past 12 years while I have stayed home with the children. I am returning to school this Fall, and do not/will not have a job for the immediate future.

We're thinking about refinancing in order to reduce the monthly payment so that it's easier for me to pay; but I'm obviously in no position to get a loan in my name. In addition to the refinancing, we were hoping to add to that loan enough to pay for necessary repairs to the house. We'd be looking at about a $90,000-$100,000 loan (lots of deferred repairs).

The house might sell for $180,000 today without the repairs, and we owe about $60,000-$70,000. Our monthly mortgage payment is about $1500.

Frankly, I don't really understand the financial implications of me keeping the house; but I couldn't rent a place large enough to handle the kids and me for much less than the current monthly mortgage, and I'm feeling a little stuck. Any information/advice is greatly appreciated.

~W