Am I Stuck with Our Home Loan In a Divorce Since Only My Name Is On It?

What are my rights to my home if I divorced? What happens to the loan if it’s only in my name? Am I stuck with it?

QUESTION: My husband and I own a home and have kids. We bought the home together during our marriage. It is titled in both our names.However, after a recent re-fi, the mortgage loan was put in my name only to get a better interest rate. If my husband and I separate and divorce, what will happen to the home? What happens to the mortgage loan? Will I be stuck with being responsible for the whole loan?

ANSWER: No, You won’t be stuck with it. The house and the debt are community interests. You will divide both.

California Family Code Section 760 states: “Except as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property.” This includes salaries and other income received for each party’s work during the marriage, real estate . Similarly debt for the mortgage, and other expenses assumed by the parties for the benefit of the community are joint obligations.

Community property is: Anything you earned while married. Anything you bought with money you earned while married Debt you take on while married. Property you didn’t earn, like a gift or inheritance one of you received while married, is NOT community property.

Galen Gentry assists clients in Los Angeles and Southern California with divorce, determining community property and community debt, distinguishing separate property and with issues relating to spousal support, child support and custody.  Mr. Gentry has 30 years of experience and can help people to protect their interests. Call at (310) 282-7521 or contact us online by using the Orange form on the right of your screen to schedule a free consultation.