Thursday, December 31, 2009

Could you please explain me how it works to buy a house with your spouse?

Is there one mortgage or 2?


If there is only one mortgage, do each of the spouses have to pay half of the mortgage? What if one of the spouses makes much much more money than the other?





What happens if the couple splits? Who can stay in the house, what happens?Could you please explain me how it works to buy a house with your spouse?
Are you moving in with your boyfriend or buying a house with your spouse?





There is one mortgage. It doesn't have to be in both names and in many cases, it isn't. The financial arrangements on who pays for what is of no concern to the lender, they just want their check each month. If one spouse makes much more than the other, the expenses should be divided accordingly.





If the couple splits, who stays in the house or what happens depends on whether there was a pre-nuptial agreement or how the divorce attorneys settle this.Could you please explain me how it works to buy a house with your spouse?
A big part of divorce proceedings is the legal splitting of ownership of all property. If you name is not on the title you are not an owner at all. Marriage gives you some dower rights to the assets.
Normally, couples buy jointly as joint tenants. Both names are on the deed and the mortgage. Both are equally responsible for paying the mortgage regardless of relative income.





Who contributes how much toward the mortgage is up to the couple to decide. I won't even try to get into the divorce thing.
If a married couple buys a house together..there is one mortgage. Most couples have a joint bank account and bills get paid through at joint bank account. I guess some couples split the payments..it's up to them. If the couple splits, a few things can happen. Sometimes one spouse will buy the other one out, sometimes one spouse just gives the other spouse the house and sometimes the property has to be divided.
Still working that gold digger angle, I see.
It's one mortgage that is in both of your names, at least in Colorado that's they way it works. If the couple splits, then that would be a matter for the courts to decide.

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