My financially reckless ex-husband bought a house with our son. Now his business is failing. How can we get out of this mess?

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My ex-husband bought a house with our son. Now his business is in trouble. Should I step in or stay out of it? The Moneyist weighs in:

I divorced my former husband in 2011. There were many reasons we didn’t get along, but one of them was finances. He would just decide to do something with our money or my inheritance money, and not even ask me first.

We still get along, and get together whenever our son is involved. Our son was in college when we divorced. I shrug off my ex-husband’s control tendencies with me, because he just can’t do that to me anymore.However, a few years ago, my former husband said he wanted to have a house to leave to our son. I agreed to their buying a home together, only if my husband could afford it. His store was doing well at the time.

Our son graduated with his M.S. and J.D. degree and moved in with his father before he bought the house. Our son has since bought and sold a house of his own with his wife, and now owns a really nice house with her too.His dad still expects him to make half the payment to the original house, as half of it belongs to him. In the meantime, the store has a tremendous debt of over $150,000, and is not making money.

What should our son do? If he stops paying on the house, his dad won’t be able to afford the payments, and he will lose the money he’s already put into it.Who is the adult here, and who is the child? “ ‘Your son is an adult, and he alone is responsible for signing this contract with his father. Not you.’ ”

 

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