When Buying A Home Make Sure Your Name Is On Deed

by Robin Roshkind, Esquire, West Palm Beach, Florida

Divorce clients don’t realize that what they do years earlier when the marriage is in the “good times” stage, can have huge ramifications, when, years later, they are facing a divorce that they never imagined would happen.   Take buying a home, for example.

If prior to the wedding a man puts up all the money, takes the mortgage and note in his name only, and purchases a home with his name only on the deed, later, when he marries and the marriage fails, in divorce court, the husband can change the locks, throw the wife out on the street and she then has to fight in divorce court for an interest that is legally hers by virtue of the marriage.  It makes life difficult when a spouse is not named on the deed to a marital home.  

Many spouses who have good credit, put their names on a mortgage and note as a favor for the other spouse, who may have bad credit.  When a divorce occurs, the “good credit spouse” is at a disadvantage if the mortgage and note go into default caused by the other spouse.  That also makes it more difficult to refinance to get your name off the obligations.  “Good credit spouses” oftentimes are lulled into the marriage in the first place just for their good credit.  What happens is many husbands and wives end up getting divorced, with a newly acquired bad credit, and their name attached to an obligation on an asset they no longer have.  If the other spouse cannot qualify for a refinance, the house should be sold, but this doesn’t always happen.  Divorcing couples need to be careful about the language in their marital settlement agreements concerning the marital homes. 

For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com for more information.

 

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