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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 02-08-2017, 08:00 AM
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Default Second House

We have a family home, both our names are in the title and mortgage (we have a huge mortgage considering our age). My husband now wants us to get another mortgage to buy his parents a house, and I am not willing to commit.

If he goes ahead and gets the mortgage by himself and buy a house for his parents (I think he will be qualified for a lower amount if he is applying without me), we will separate our finances. He will use his remaining income after paying off his share of common bills to make payments to the second mortgage.

My questions are:

- Will this second house be considered as matrimonial property or not? We are not separated. We won't be living there since his parents (and a few years later his nephews too) will be living there
- Should a divorce happen, how will that house be considered in the process? Both the property and mortgage of this second should be under his name. I want to know how the property and debt considered?

Thank you kindly
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Old 02-08-2017, 10:49 AM
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If you are contemplating divorce, you should make sure that you are not liable for any more debts incurred by your husband while you are married. I suggest you draw up an agreement (doesn't have to be anything fancy) stating what you just said here: your husband is buying the house for his parents, you are not contributing to this purchase financially in any way and you do not expect to benefit from it in any way. In the event of divorce, you agree that this house will not form part of the family property, either as an asset or a liability. Then both of you sign and have your signatures witnessed by a notary. I don't know how much legal weight this would carry if you got divorced, but it at least establishes your intentions at the time the house was purchased.

It really sounds like you need to separate your finances soon.
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Old 02-08-2017, 01:37 PM
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You guys are married. By law, you are one financial entity. It doesn't matter whose name is on what, you are both legally responsible for it while married, and it would be divided equally upon divorce.

Consult a lawyer to see if there is some way to get around it? Some kind of post-nup agreement?
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Old 02-08-2017, 10:34 PM
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yes and you are also responsible if one of you co-signs a loan.
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