Mortgage Transfer

I’m dividing assets. My husband and I have a house with a mortgage. It was originally financed in both our names, but then refinanced in just my name. Three questions: Is it solely my house? If I want him to have the house in the divorce, what must be done to get my name off the mortgage? Must he refinance in his name? And if he doesn’t have any income other than my spousal support and inheritance, will that be sufficient to qualify him to get the loan?

If the house was acquired during the marriage, then it is marital property and you’re both entitled to 50% of its value. The name(s) on the mortgage is irrelevant.

The mortgage is a marital debt as long as it was acquired during the marriage and for a marital purpose or joint benefit of the marriage. A mortgage is for a marital purpose/joint benefit of the marriage.

If your spouse is going to keep the house in equitable distribution, then he will have to refinance the mortgage in order to have your name removed from the mortgage. He will have to refinance in his name alone or with a cosigner depending on what his lender will require. If his only income is spousal support and inheritance, he may not qualify for a refinance, but this is ultimately up to the bank or lender.

Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

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