Financing in Indianapolis>Question Details

Lexie, Home Buyer in Indianapolis, IN

If one partner of a married couple, mortgages a home, does the other partner have ownership if there is a divorce?

Asked by Lexie, Indianapolis, IN Wed May 9, 2012

Help the community by answering this question:

Answers

5
Mortgages are liens not forms of ownership.
1 vote Thank Flag Link Wed May 9, 2012
A divorce lawyer would be best to ask that question.
0 votes Thank Flag Link Thu May 10, 2012
Realtors® are not attorneys and that question should be asked of a lawyer. Keep in mind that a mortgage is a liability and deed to real esatate is an asset. Whos name is on what amy or may not come into bearing in a divorce. Please contact an attorney ASAP for your on protection.

Best ishes,
Ronald Smiley
Carpenter Realtors®
317-966-6004
0 votes Thank Flag Link Thu May 10, 2012
Lexie,

You need to speak with a divorce attorney to get a clear answer on possession and entitlement pertaining the divorce. I will give you this information. A mortgage has nothing to do with ownership of a property. The title of a property is what determines ownership. So if both names are on the title than both people own the property, but if only one name is on the title than only that person owns the property, but I would think that if a spouse owns a property during a marriage that both parties are entitled to partial claim. However as I started you need to speak with a lawyer to get advice as to what you are entitled. Please let me know if I can help any further.

James Metro
Keller Williams
317 730 0009
call or text.
0 votes Thank Flag Link Wed May 9, 2012
I think it depends on the state you reside in. In Michigan if a husband and wife purchase a home with one of them only on mortgage the other is added to the deed after closing. The mortgage remains in the borrowers name. You may want to check with a local agent or attorney. Thank you.

Cindy Schlee, Realtor
Grand Rapids, MI
616-558-9595
cindyschlee@grar.com
http://www.cindyschlee.com
0 votes Thank Flag Link Wed May 9, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer