Can The Judge Force Me To Remain On The Marital Home Mortgage?

Indiana divorce lawyerQuestion:

I need financial advice on divorce on whether the courts will force my name – and the associated financial liabilities – to remain on the mortgage.

My wife wants to keep the marital home, but she cannot afford it nor qualify for a new mortgage on just her income. She wants me to keep my name on the mortgage for a set number of years before I can be released from my obligation, which I am against.

My question is can the courts make me stay on the martial home mortgage even if it means I cannot buy my own house when I move out?

Answer:

I am not licensed to practice law in your state so I cannot offer legal advice on divorce. However, I can give you general divorce help for men that may be useful to you.

Mortgages and joint debts are difficult issues in a divorce. When one party takes over a debt, there are two separate issues to consider.

First, consider what you and your wife’s agreement regarding the debt will be. Second, determine if the creditor will accept the terms of you and your wife’s agreement. Often the creditor will not allow you to take your name off of joint property.

Thus, even if your agreement states that the two parties will not hold the other liable, be aware that the creditor did not sign that agreement and will not be bound by it.

Moreover, it is usually a bad idea to keep your name on the mortgage with no immediate plan for your wife to refinance and/or place the house on the market. As you have stated, keeping your name on the mortgage keeps you from moving forward financially and leaves you open to liability. However, this is a very fact specific analysis.

If you are intentionally not selling the house because the market is bad and you believe that you can get more for the house in a year or so, then you have to ask yourself if the risk is worth the benefit. That is a personal decision that can only be made by you.

In my experience, a judge usually does not require a party to keep their name on an asset to which they have no claim. For more specific answers on divorce rights for men, you should consult with an attorney in your jurisdiction.

 

Cordell & Cordell has mens divorce lawyers located nationwide. To arrange an initial consultation with a Cordell & Cordell attorney, including Rachel S. Sadovsky, an Associate Attorney in the Indianapolis, Indiana, office, please contact Cordell & Cordell.

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