Q: If a married couple buy a house but the loan is only in the husband's name does that affect property division in Divorce

A: The loan is different issue from the title. It doesn't matter who pays or who signs, the names on the title are the evidence of the title.

A: This is more a family law question. The important place for your name to be is on the title and the title should reflect that the property was purchased as husband and wife, so the survivor will automatically have sole title.

If there was ever an issue with a divorce the question would be where the money came from, whether a non marital account or a marital account, and from what kind of account were the monthly payments made from. The next problem would be if the house is to be retained by the person who did not finance the house, the mortgage would have to be refinanced.

The problem with the loan being only in one person's name, if that person dies, the survivor may have issues dealing with the mortgage company. The primary reason for

the mortgage being in the name of one spouse is credit issues of the other spouse. Whether you signed the mortgage note or note(the document that says I will repay the money) if you were the sole person in possession you would still need to pay the mortgage. Under Florida law whether the note is signed by one spouse or both, both spouses must sign the mortgage, the document which puts the lien on the house as security for repayment.

A: The fact that you are not on the loan is not an issue for property division if you were to ever get a divorce. For purposes of estate planning, it would be an issue if you are not on the title.

A: In Florida, during a dissolution of marriage (or divorce), courts only have jurisdiction over marital assets & liabilities. In other words, only marital assets are subject to equitable distribution. Equitable distribution is the process by which a court will divide property among the parties to a divorce.

Any assets or property acquired during your marriage, will be deemed to be marital assets or property, and therefore, will be subject to equitable distribution during a divorce.

Our law firm represents clients in residential and commercial real estate transactions, and can represent you during your real estate purchase. Please contact us for more information at: 305-442-1443 or larca@fleitaslaw.com.

*Please Note: That this answer is not intended as legal advice for your particular situation, and is only provided for educational purposes.