Washington is a community property state. I fully understand that each spouse is entitled to half of the earned income that is accrued during marriage and I am very supportive of that. However what happens to the mortgage in the event of a divorce if only one spouse is on the mortgage but both are on the title of the home?
Spouse A: TC 60K
Spouse B: TC 230K
Both are employed with no kids.
Spouse B has much better credit and takes the loan out in solely their name to get the best rate and both spouses are on the title of the home. Spouse B makes the down payment on the home using 100% pre-marital funds.
Both Spouse A and Spouse B pay the monthly payments. In the event of a divorce what happens:
1. Who gets the house?
2. What happens to the down payment?
3. What happens to the loan that Spouse B took out if Spouse A keeps the home? Does spouse B continue paying the mortgage or would the court order the home to be sold and each party cashes out equal to the portion of their contributions (50/50 during marriage)?
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comments
But yeah, lawyer up my man.
Also the bank needs to agree to the transfer of the mortgage. Sometimes the person who transferred the loan will still remain liable of the new owner of the loan defaults in anyway.
It's crucial to get a good divorce lawyer also if OP has kids, he needs to try and get primary custody.
Say there’s no kids in this case.
https://youtu.be/mw3IiyXZJds