My wife of 1.5 years & I are divorcing. We have lived together for 6 years, and purchased a house 2 years before marriage. To get the loan, it was only in my name. Once the divorce is final, she's entitled to half the equity. Right now, though, she's refusing to pay her half. Are we both penalized if the loan is not paid, or am I alone penalized as the loan is in my name?
Thanks!
2007-03-24 08:12:44 · 7 answers · asked by lennyt45 1 in Family & Relationships ➔ Marriage & Divorce
Did she sign a "quit claim deed"? If she did, then the house is your sole obligation...meaning the penalty would be against you alone.
Why is she refusing to pay? Does she not understand that there will be no equity to split if the house is foreclosed?
2007-03-24 08:18:19 · answer #1 · answered by Royalhinney 7 · 0⤊ 0⤋
Once you were married, the house became marital property unless there is a pre-nup. Yes, shes entitled to half the equity and half the mortgage payment too. You could buy her half out or vice versa if someone wants the houseor the judge could order the house sold and whatever is left on the mortgage to be divided between you two unless one doesnt pay then the lender can come after who they think is the best bet to collect their money from which sounds like you right now. Hope this helps
2007-03-24 15:23:15 · answer #2 · answered by Arthur W 7 · 0⤊ 0⤋
The divorce has ZERO effect on the mortgage.
If your name is the only name on the mortgage you alone are responsible for making the loan payments. If you ex-wife is ordered to pay you that is an issue for the divorce courts. Whether she does the mortgage holder is holding only the people listed on the mortgage responsible.
The same is true for other consumer loans like car loans and credit cards. Family law DOES NOT change the contracts made between individuals and lenders.
2007-03-24 15:31:57 · answer #3 · answered by Anthony M 6 · 0⤊ 0⤋
you will be penalized since it is in your name. She doesn't have to pay you anything and she'll still get 1/2 that equity. My sister is going thru this with her x who hasn't paid anything into the house in over 2 years but he wins in the end by collecting money from the house in which she's the only one paying for so she doesn't lose the house.
2007-03-24 15:18:22 · answer #4 · answered by cutiepie81289 7 · 0⤊ 0⤋
The house is in your name and you bought it before marriage. You pay the mortgage until it is sold. You keep the equity. If you want to give her anything, it is up to you.
2007-03-24 17:24:45 · answer #5 · answered by kenneth h 6 · 0⤊ 0⤋
The loan is your and so is the home.You bought it before you married and she is entitled to nothing unless maybe if you have kids but I still don't think that she gets the home.
2007-03-24 15:17:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Your name only? You fault. Legally she isn't entiltled to do anything to help.
2007-03-24 15:19:43 · answer #7 · answered by Candi L 1 · 0⤊ 0⤋