Legal Question in Real Estate Law in Florida
Divorce and private home
My wife and I are going to be getting a divorce. She would like to keep the house and refinance it. I would have to sign the papers in order for this to happen and keep it in both names because she can't afford it alone. She will make all the mortgage payments. There is a considerable amount of equity in it now. She will not be buying me out now if we do this.Will I have legal rights to the house should she sell it down the road? Or am I shafting myself?
1 Answer from Attorneys
Divorced but still legally bound together!
FACTS: Going to get divorced. Wife wants to keep house; agrees to refinance. Considerable equity in house but she will not be buying me out. I will sign and keep in both names as she can't afford it alone. She will try to make all mortgage payments.
Q. Will I have legal rights to the house should she sell it down the road? Or am I shafting myself?
A. You are creating a mess. Yes, you will have rights down the road and also responsibilities. You will be liable on the note and mtg. Why refinance if you're not getting off the hook?
You will have a problem determining what your share is if there is a sale. If she makes all the payments, then she should get the benefir of the build up in equity. Who is going to get the tax benefit each year and the capital gain tax liability at the time of sale? Are you going to be able to qualify for your own loan when you decide to buy yourself a home? Lots of potential problems here.
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