Should I sign the mortgage?

UPDATED: Oct 1, 2022

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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


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

Answered 4 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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