If a married couple buys a home but only 1 on them is listed on the mortgage, are both responsible for repayment in the event of a divorce?
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If a married couple buys a home but only 1 on them is listed on the mortgage, are both responsible for repayment in the event of a divorce?
We bought a condo. Right now my husband doesn’t want to pay the mortgage anymore. Do we need pay mortgage together like before? Or since the loan is under my name, do I have to pay all by myself?
Asked on August 29, 2011 Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
But both you and he are listed on the deed, correct? So you are bearing all the financial responsibility but have to share in the profits, so to speak. The general rule is that an asset purchased during the marriage or with the intent that the asset be marital property is considered marital property and is the responsibility of both parties, regardless of whose name is on the deed. Yes, he should indeed continue to pay the mortgage on the property. Maybe he would like to relinquish his rights to the condo if he does not wish to pay the mortgage. I would seek legal help here as soon as you possibly can. Good luck to you.
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