What are my rights if my name is not on the mortgage?
What are my rights if my name is not on the mortgage?
Generally, your name is on the deed to the home, then you you own an interest in it. The bank cannot foreclose since you did not transfer your interest to the bank. This means that you still own your share of the home. The lender would only have the interest of the person who signed the mortgage (your spouse).
Are domestic partners responsible for each other debts?
You could be responsible for any debts incurred by your domestic partner from the date you first registered as domestic partners with the State of California. The way that your and your domestic partner’s property, financial assets, and debt is treated by the state of California has changed substantially.
Can a wife be held responsible for husband’s debt?
Generally, one is only liable for their spouse’s debts if the obligation is in both names. But, unlike a common law state, in community property states all debts incurred by either spouse during the marriage are shared equally, regardless of whose name is on the account.
Do you inherit your spouse’s debt when you get married?
You are not responsible for your partner’s debts just because of your relationship, whether you are married or not. However, you may have become liable for his or her debts because you signed a loan contract as a joint borrower or guarantor, or because you were a director of a family company or a partner in a business.
How is debt handled in a divorce?
As part of the divorce judgment, the court will divide the couple’s debts and assets. Generally, the court tries to divide assets and debts equally; however, they can also be used to balance one another. For example, a spouse who receives more property might also be assigned more debt.
Do you split debt in a divorce?
As part of the divorce judgment, the court divides the couple’s debts and assets, while deciding who is responsible for paying specific bills. Each state has its own laws for dividing debts and assets. Some states consider the assets and debts each spouse brought into the marriage.
How is credit card debt divided in a divorce?
The basics
- Most importantly, try to leave your marriage with no joint debt.
- Pay off the joint cards together or divide up the debt on joint cards and transfer it to cards in each partner’s name.
- Cancel all undiscussed joint credit cards.
- Clearly agree to who will pay off the debt on which cards.
