Need 2 Ask A Lawyer Topic: Marital Home Issue

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When you need to ask a family law attorney a question, go to SingleDad.com. Learn about Marital Home and what are your Fathers Rights

Need 2 Ask A
Lawyer: Marital Home

Question:

My wife and
I are both on the title of our marital home. We are considering
divorce and at this time neither of us has the money to buy the other one out.

Can we keep
the home and stay as co-owners or will we be forced to sell the property? Is it
possible that we can both remain on title despite the divorce?

Answer:

From Cordell & Cordell Lawyer Jill Duffy

You can
retain both of your names on your home, even after divorce. But before agreeing
to do so, you should consider the possible consequences for doing so.

Keeping the
home in both names could backfire in the future. Any person or company that
gets a money judgment against either of you in the future can place a lien on
that person’s interest in the home and force a sale of the home to pay the
lien.

In addition
to the names on the title of the home, you should also be aware of whose name is on the mortgage of the home.
If both names are on the mortgage, both parties are responsible for payments.
This means that if your wife lives in the home and does not make the mortgage
payments, you could end up being responsible for them. Missing
mortgage payments can also negatively affect your credit score
, even if you
are no longer living in the home.

You also
have to consider that if you keep the home in both of your names, you are going
to be tied to the home and your ex until you both agree to sell the home. This
could affect your ability to move on after your divorce, or relocate, and could
be a source of future conflict.

You should
consult with an attorney for options other than keeping the home in both of
your names to help protect your money, your credit score, and your ownership
interest in your home.

Cordell & Cordell represents men
in divorce nationwide.

Richard JaramilloRichard “RJ” Jaramillo, is the Founder of SingleDad.com,
a website and social media resource dedicated to single parenting and specifically for the newly divorced, re-married, widowed and single Father with children.
RJ is self employed, entrepreneur living in San Diego and a father of three children. The mission of SingleDad is to help the community of Single Parents
“Make Life Happen…Again!”

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Richard “RJ” Jaramillo, is the Founder of SingleDad.com, a website and social media resource dedicated to single parenting and specifically for the newly divorced, re-married, widowed and single Father with children. RJ is self employed, entrepreneur living in San Diego and a father of three children. The mission of SingleDad is to help the community of Single Parents “Make Life Happen…Again!”