Results 1 to 2 of 2
  1. #1
    Join Date
    Apr 2012
    Posts
    1

    Default Property Owned Prior to Marriage, Divorce

    My question involves a marriage in the state of Michigan:

    Before getting married I lived with my wife for 2 years in a condo. Due to a previous divorce, my credit was not worthy of getting a mortgage. She purchased a house completely in her name with the thoughts we may get married and raise a family there. We did get married 2 years later and the mortgage remained in her name as we were working to rebuild my credit. We are now getting a divorce and are looking at approximately $80 - $100,000 in negative equity. She wants to stay in the house but is concerned about the negative equity.
    I have two questions.
    1) If she owned this property prior to marriage, does that release my obligation for the debt?
    2) If she stays in the home for now but sells short in the future, is their any chance I will be responsible for a portion of the loss?

  2. #2
    Join Date
    Jan 2006
    Posts
    27,021

    Default Re: Property Owned Prior to Marriage, Divorce

    if your name is not on the loan or title, you will never be liable for the possible loss.


    the only way you would be liable for any of the house debt would be if your divorce apportions some part of the debt to you. You would not be liable due to a short sale situation.

    and if she is smart, she will attempt to get the lender to release her of any liability in a short sale.

    1. Sponsored Links
       

Similar Threads

  1. Common Law Marriage: Ownership of Property Prior to Marriage and After
    By froggie21 in forum Marriage and Civil Unions
    Replies: 2
    Last Post: 04-06-2012, 07:17 AM
  2. Property Division: Signing Over Property After Bankrupty Prior to Divorce
    By concerned1017 in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 01-28-2011, 08:07 PM
  3. Property Division: Property Purchased Prior to Marriage With Both Names on the Deed
    By mamangalena in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 09-07-2009, 06:39 PM
  4. Licenses and Certificates: Denying Prior Marriage On Application For A Marriage License
    By Bride2Be in forum Marriage and Civil Unions
    Replies: 10
    Last Post: 07-17-2008, 04:41 PM
  5. Spouse's Interest in Real Estate Owned Before Marriage
    By dotso59614 in forum Ownership and Title
    Replies: 3
    Last Post: 11-25-2007, 01:11 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Divorce Lawyer
Facing divorce? Get a free consultation with a local divorce attorney.




Untitled Document