Q: My wife and I have a home with 30 % equity and wanted to give the house to my wife when I file for divorce
I just wanted to get out without needing any of the 30% equity. My wife can afford the mortgage payment, do we have to refinance to remove my name from the mortgage and title?
A: I can't answer to the wisdom of either of you agreeing to this settlement but I will tell you that, if the mortgage is not taken out of your name, you will continue to be responsible for it regardless of whose name the deed is in. It would be wise to discuss your proposal with a local attorney experienced in family law to learn the finer details of resolving property issues in a divorce.
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