Who Gets The House In a Divorce If It Just Has My Name On It? - The Law Offices of Robert B. Buchanan (2024)

FAQs

Does it matter whose name is on the mortgage in a divorce? ›

Does It Matter Whose Name Is on the Mortgage in a Divorce? While the name on the mortgage can influence who is responsible for the debt, it doesn't necessarily dictate how the property is divided.

Deeds and Title Ownership

Whether the deed and/or mortgage are in one spouse's name or both, it does not affect the property's classification as marital or separate. What matters most is when and how the property was acquired.

If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die. However, if you default on mortgage payments, the mortgage lender has the power to foreclose on the home and evict you.

If your name is on a deed to a house, then that means that you are the property owner. Having your name on a deed means that you have property title, which represents a set of rights you have as a homeowner.

If the couple cannot agree on who stays in the home, a judge will decide based on property division laws. California is a community property state, which means that anything the couple acquired during the marriage belongs to both equally.

Yes, you can put your spouse on the title without putting them on the mortgage. This would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.

“The fact that your name is on a deed means you have property title, giving you specific rights as a homeowner. You are the property owner when your name is on a deed. A property's title rights give you control over how you use it and the right to sell, but generally, it varies from state to state.”

Additionally, it makes sense to only have one person on the mortgage if there is something you want to do in the future with your other investments. Regardless of what the situation might be, we always recommend that both names should go on the title to ensure that both individuals are equal owners of the property.

4 reasons to put both spouses on the mortgage

‍You might get a better mortgage deal: If both spouses are in good shape financially, then applying for a joint mortgage under both names could get you a lower mortgage rates or a bigger loan amount.

A mortgage lives on after the death of the borrower, but unless there is a co-signer or, in community property states, a surviving spouse, none of the deceased person's heirs are responsible for paying the mortgage. Those who are in line to receive an inheritance may be able to take over payments and keep the house.

Am I entitled to my husband's property if he dies and my name isn't on the deed in North Carolina? ›

In cases where a couple shares a home but only one spouse's name is on it, the home will not automatically pass to the surviving pass, if his or her name is not on the title.

In Illinois, survivorship marital property is a concept used to refer to property when one party in a marriage dies. All marital property does not automatically go to the surviving spouse. If an asset was co-owned, the remaining owner takes the rights to the property. Sadly, all marriages come to a close.

You own the house to the extent that your name appears on its deed. Because you did not transfer your interest to the bank, the bank cannot foreclose. As a result, you still own a share of the home.

The short answer is simple –No. Most estate planning attorneys would agree, it is generally a very bad idea to put your son or daughter on your deed, bank accounts, or any other assets you own. Here is why—when you place your child on your deed or account you are legally giving them partial ownership of your property.

If you had high credit scores to begin with, a deed in lieu will cause a bigger fall in your scores than if you started out with low scores. So, if you're one of the few borrowers who hasn't missed many payments or any payments before doing a deed in lieu, you'll likely see your scores drop 100 points or more.

If you're part of a two-income household, getting a mortgage together usually means you can qualify for a larger home loan. However, if your spouse isn't on the loan with you, your lender won't consider your spouse's income when determining how much you'll qualify for. You may have to buy a home with a smaller loan.

Not all mortgages are assumable. In most cases, the only assumable mortgages are FHA, VA, and USDA home loans. Conventional loans are not typically assumable. Mortgage assumptions still require the current lender to approve the new borrower's creditworthiness and ability to repay the mortgage.

If your name is on the deed but not on the mortgage, your position is actually advantageous. The names on the deed of a house, not the mortgage, indicate ownership. It's the deed that passes real estate ownership from one entity to another.