I would suggest seeing a lawyer. You can pay $100 or so for an hour of his time (a free session tends to be a sales pitch). I have done this a couple of time, and paying a lawyer for a single hour has always been helpful, since you are paying the lawyer will give you professional answers.
Prepare your questions and bring all of the financial information you have for both you and him, and the lawyer will tell you if you should proceed.
$1,500 a year is not much at all. I am paying over $1,500 a month.