If my husband is buying a co-op and I will not be on any of the paperwork, how doI protect myself in the event of a divorce?
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If my husband is buying a co-op and I will not be on any of the paperwork, how doI protect myself in the event of a divorce?
I have bad credit and my husband is purchasing a co-op. I will not be on any paperwork regarding this purchase. I will not be on the mortgage. Is this legal? If it is legal. where do I stand if my husband decides to ask me to leave? Am I responsible for paying half of the mortgage anyway? I will be paying half the mortgage when the sale is final. Can I pay my share with a money order in my name as proof that I am a co-payor.
Asked on September 21, 2011 under Family Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
As long as you do not sign any post-nuptial agreement and the money used to purchase the co-op is not an inheritance of any sort, then the money used is marital money (earned during the marriage) and it is being purchased during the marriage so the co-op is considered to be marital property. The case law in New York on this subject supports that statement. I am surprised that the co-op is allowing him to purchase with only his name on the documents if they know that he is married. Did he not have to show your joint financials to the board for approval? Or do you also have separate accounts? That could be dangerous here but again, not fatal to your claim. If you are uncomfortable then speak with him and speak with ana ttorney about a separate agreement between you. Good luck.
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