Legal Question in Family Law in Michigan

Re: home ownership

To Whom It May Concern:

This is in response to your email of August 3, 2001.

The usual procedure for keeping the marital home subsequent to a divorce is for that party to refinance the mortgage so that it is only in the name of the party awarded the home. However, sometimes the refinancing can be delayed a few years. Much depends on whether your husband can obtain a new residence while still being liable for the mortgage on the old residence.

Sincerely,

Charles L. Nichols

(313) 561-5700

[email protected]

Re: home ownership

The Court will equitably divide the assets and debts. If you were awarded the house and there were no minor children, you might be required to refinance the home to remove his name off the loan. If there were minor children and you were awarded custody, then you would be likely be required to refinance if the youngest child reached 18 or graduated from high school.

Re: home ownership

You and your husband are both liable for payment under the terms of your mortgage. If neither one of you makes the payments obviously you will lose the house. Your husband may have a problem obtaining another mortgage for a new house because a credit check will show that he is resonsible for payment of this mortgage and the new bank may decide that he can't afford 2 mortgages. That is why he may want you to refinance this mortgage and have his name removed from it. If you would like further information, please call my associate, Helene Phillips. John C. Talpos (http://www.Mich-Lawyer.com)