I co-signed the refinancing in a house my husband bought with his first wife. He never added me to work. If we divorce, will I get half?

Dear semantics,

I am thinking of divorce after 30 years of marriage.

My husband did not add my name to the family home he bought with his ex-wife. Seven years ago, I co-signed the mortgage to reschedule the house. He promised that if I co-signed, he would add me to the period.

After checking the evaluator’s database, I found that it was not. If we get divorced, will our rescheduling turn our home into communal property?

My husband is a business owner and has received 500 500,000 in small business administration. I am not currently involved in business. Will this loan be considered as community property?


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Dear wife

Ah, the old “add you to the mortgage, but not the period” strategy. It’s not as unusual as you might think.

Your story is always a cautionary tale to write everything, even and especially with a husband / wife of decades. It is not advisable to co-sign a mortgage on the basis of a promise. Clearly, tell your husband that you know he did not hire you as promised and ask him to fulfill this promise to you and be a man of his word. If he refuses, you are in a really weak position.

So, first, the bad news. New York-based family law attorney Irene Angelekis said if your name is not added to the list, the residence is your husband’s home. “A re-schedule will not qualify to change any property or change its character from separate property to marital property,” he said. This will only happen when the task of adding your name was properly executed and notarized.

Now for the potential good news, even if you’re not involved in the work: “What improvements have been made there? Was marital money used to pay off mortgages?” Angelakis asks. And to improve on that a joint bank account is used – then, yes, the property will probably be a consolidated asset.

If the value of this property goes up, how did you help it? “What did the wife do to help bring it from 500 500,000 to ,000 700,000?” Angelakis asks. “The $ 200,000 compliment is where you can see a potential claim that depends on what the spouse has contributed and any marital money, if any.” The market forces alone will not play a role in this.

A business or business loan is not considered marital property. Angelakis says many businessmen tell her, “They want a part of my business? Why don’t you take a part of my debt!” Similar to your husband’s residence, Angelakis asks, “What was the contribution of the marital fund? [that] Has this business been done? “

The answer, as often happens, is longer and more complex than the question. I hope it works.

You can hear more of the economists’ discussions with Irene Angelakis here and other topics related to “mastering your money”.

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The semantist is sad that he cannot answer the question individually.

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