Should I sign the mortgage?

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Should I sign the mortgage?

My wife and I are about to sign a mortgage.
Our relationship is not good but I thought at
least I would have some equity if we do
divorce. I thought I would own half the house
so she would buy me out and if needed I would
have money to start again. My friend told me
this is not so and I could land up with nothing
but my name on the mortgage agreement.

Asked on February 25, 2018 under Family Law, Kentucky

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Is your name also going to be on the deed?  I surely hope so.  But the generaly rule is that property purchased during a marriage is marital property.  If you think that you may be heading toward disaster then I think you should consult a divorce attorney in person before you sign anything.  Look at the big picture: are there assets enough to buy you out of the house (like cash or waiving pensions) and can she sustain the mortgage alone(I'm thinking not if you are co-signing). Then your hope to be bought out may be unrealsitic and you could be stuck in other ways and there could possibly be tax implications if you are forced to sell   Good luck.


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