home ownership

[becan55]

I am moving into a condo in Indiana. My husband suffers from manic depression and buys everything he sees, so naturally he saw the condos and bought two. We have sold our house and he has agreed to to pay off one of them for me to live in. They are in both our names. How can I protect my asset even though it is in both our names? Can he obtain a new loan on it without my knowledge? Am I responsible for the loan on the other condo if he goes bankrupt? I am retired and cannot work.

 

[dorenephilpot]

If it was acquired during the marriage, regardless of the person whose name the title is in, it is considered joint property.

So, if you split, he gets half the value and so do you.

Now, if there are two condos and they're both paid off, the obvious split would be that each of you gets one. Then you can each sign quit-claim deeds to the other so that all the rights to the condo are with one person.

That does NOT relieve you of a duty on the mortgage because that's an agreement with the bank. However, you can both refinance, if necessary.

Yes, he can take out a home equity loan on either or both of the homes without your permission. Doesn't seem right, but it's perfectly legal. Now, once you have separated, if he does that, it's considered dissipation of marital assets and he could be ordered to pay you back for that.

But while you're married and "together," he can do that without repercussions.

If he goes bankrupt and your name is on the mortgage, you are responsible for the loan. If your name is NOT on the mortgage, you're not.

Hope this helps!