Q: Divorce ??? I have a deed & mortgage with a Joint tenancy with right of survivorship with my dad ( father / son).
I have a deed & mortgage with a Joint tenancy with right of survivorship with my dad ( father / son).
My wife has filed for divorce.
She was not added to deed / mortgage because at the time of purchase she was in arrears with the DOR for back child support from another marriage and had poor credit...
Father co-signed the mortgage with son.
We (husband& wife no children) have been living in the home 10 years and both paying the mortgage as well as initial $11k down payment (like 3% down).
Original mortgage $225k ..remaining mortgage $170k...
What happens to house considering these circumstances ??
A: It looks like it is a marital asset to be divided equitably by the Probate Court if the parties are unable to agree on property distribution. You have not stated the duration of the marriage or other circumstances so assuming at least 10 years it is possible that the Court would assign 50% of the equity to each spouse. You did not state whether your father contributed anything to the downpayment or mortgage so it looks like he was a facilitator only. The home could be sold and the mortgage paid off or there could be a buyout.
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