If both my name and my spouse’s are on the title of our house but only mine is on the mortgage, if we got divorced what would happen to the house?
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If both my name and my spouse’s are on the title of our house but only mine is on the mortgage, if we got divorced what would happen to the house?
The house is also a recent purchase from 3 months ago. Is there any way I could end up with the house at the end of the divorce? Is there any way to buy out my spouse’s portion of the house – even if we’ve only made 3 payments on it? How would that work?
Asked on May 7, 2012 under Family Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I believe that in Michigan assets are divided under an equitable distribution formula. The house is both your and your wife's regardless of the title or mortgage. It was purchased during the marriage. If you wanted to buy her out then you would have to look at the present market value of the house, subtract the debt (the mortgage) and then make her an offer or bargain another asset (waive your right to her pension, etc.). I would consult with an attorney who can look at the whole picture and help you figure out the best move. Good luck.
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