Legal Question in Real Estate Law in Arizona
We are looking at purchasing a new home. My spouse has several debts that are being slowly paid off (one being child support arrears). Our current home was purchased prior to marriage so it is not considered community property.
My question is how can I protect this new property from potential liens of my spouses debt? (this debt was incurred prior to our marriage) Is there any loophole? So far the only thing I've come up with is a legal separation - and neither of us are very fond of that idea. There has to be another way.
2 Answers from Attorneys
Unfortunately when you get married you get the good and the bad. If there is debt that someone brings to a marriage the other person has to live with it or get divorced. I would not advise divorce or separation if you want to stay together. My advice is to continue paying off the debt as you are able, and perhaps talking with a credit counselor about how to improve your credit score/credit report before you apply for a mortgage.
Good luck!
If the current home is titled in your sole name and it is your separate property, then you can maintain that property as your separate property and use the proceeds from the sale to purchase the new home as your separate property. Your husband would disclaim any interest in the new property. You should explore this possibility with your mortgage broker.
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