What to do if I am legally divorced and I must “buy out” my ex-husband’s interest in our home within the next several months?
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What to do if I am legally divorced and I must “buy out” my ex-husband’s interest in our home within the next several months?
His name is still on our mortgage. I recently changed insurance carriers for the homeowner’s policy and my ex is saying that his name must be on the policy to protect him in the event someone is injured on the property. As long as I have adequate coverage, is it really necessary to include his name? He said that he had an additional rider on the previous policy that covered up to a million dollars – do I really need a policy to cover up to a million dollars? I live in the country and his concern is the possibility of hunters/4-wheelers/horseback riders.
Asked on July 21, 2013 under Real Estate Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
So long as you can buy out your "ex's" interests in the property you have written about where his name is no longer on title there is no need for him to be named as an insured party since he no longer owns it. Once he is off title then he no longer needs to be an insured.
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