if my wife and I are getting a divorce, what do we do about our house?
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if my wife and I are getting a divorce, what do we do about our house?
We have not been married for very long. We got a house but the lender would only approve a mortgage in my name only because of her credit. She alone cannot afford the mortgage but she wants to take the house. Will I still have to pay the mortgage even though she took the house?
Asked on December 23, 2012 under Family Law, Illinois
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
No matter what your divorce paperwork/divorce decree states, contractually you are obligated to your lender. If you are both on the title but only you are on the deed, there is an issue. You would need to quit claim your ownership share to her but not before she obtains refinancing approval (just needs your quit claim) to get a loan in her name. Otherwise, you need to keep the house and force her to quit claim the property to you. Chances are you won't owe anything or much to her if you have a short term marriage and she hasn't paid expenses on the house.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Good question. Given what you have written, assuming your wife can afford the mortgage payments on the home that you purchased via your good credit she could end up paying the mortgage despite the fact that the loan is in your name. Given your concerns I suggest that you consult with a family law attorney for assistance.
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