Will a shortsale on my home affect my fiance?
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Will a shortsale on my home affect my fiance?
I am underwater in my mortgage by about $60,000 and don’t want to stay in my house anymore. I have the house for sale and I am getting married in a few months. Any sale on my home would need to be approved by the bank. I am wondering if my fiance’s assets could be seized if I can’t sell the place before our wedding. Does she become responsible for my debt even though the home is solely in my name?
Asked on April 27, 2011 under Real Estate Law, Minnesota
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No you cannot. There is no spousal liability for pre-marital debt (unless of course you were also on the debt or in some way agreed to assume this debt). However, that having been said, once you are married if your husband's creditor(s) sue, win, and are awarded judgement(s), then his assets as well as any joint assets (to the extent that they are non-exempt) will be at risk. So keep your bank accounts and the like separate.
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