My wife and I have decided to divorce. The reason is due to adultery on my behalf. The concern we have now is our house. The deed has both our names, however, the mortgage is just in my name. Legally, how would this be handled? Would the property have to be sold? Would she need to refinance under her name only? Note: if sold today, house would either break even in the loan or we would have some equity to split.
2 Answers from Attorneys
Yes, your wife would need to finance under her name only. You and
she might want to explore with your lender the possibility of her taking over
your loan with the lender's approval (assuming she has the financial wherewithal
to do so).
It is important to say that you and your wife can decide what to do with the house; the court will make the decision only if one of you asks for a court decision. I can't see that there is any incentive for going to court.