My husband and I purchased a home over two years ago. Days after the mortgage papers were filed, my husband opened an equity line. Only recently (due to misuse of the equity line by my husband) I learned that my name was never added to this credit line. Is it legal for a bank to establish a line of credit against a shared asset without consent from both owners to the property (my husband and I)? Do I have any protection against this misuse of the equity line by my husband (we are seeking a divorce) or legal action against this bank for making the credit available without my consent?
1 Answer from Attorneys
They probably only have a lien against his equity interest but be aware that Ohio is one of those states where a creditor can take action against a non- signing spouse where the items purchased went to benefit or be used by the family.
Have your divorce attorney seek to have the debt credited against your husband's equitable interest. Good luck.