Legal Question in Family Law in New York
My soon-to-be ex-wife and I own two properties together. She wants sole ownership of both properties when we are divorced. In order to avoid a lengthy and costly trial, I agreed to this request. My name is not on the titles of the homes but is on both mortgages. Can the judge decree that my name be removed from the mortgages so that I am protected if, in the future, my wife decides to default on the mortgage payments?
1 Answer from Attorneys
This is a problem that comes up in most divorces.
You cannot truly protect yourself against mortgage default unless and until your name is removed from the mortgage. Normally, I recommend an order requiring the spouse to refinance the property in her/his name alone within six months or either sell the property and divide the proceeds or return the property back to the other spouse in return for 1/2 the appraised value.
In short, no, the judge can only order her to refinance the property within x period of time. He/she cannot order the mortgage company to remove your name.
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