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my brother in-law is purchasing a house, he and my sister have been married 14 years but due to student loan debt on my sister's part, he doesn't want to put her name on the Mortgage or the Deed. They also have 2 biological kids together. What are her rights if he passes or divorces her? They live in New York State which is a an Equitable distribution state, (not sure exactly what this means).
She can still be on the deed so she has rights of survivorship, without being on the mortgage. Happens all the time.
Exactly what I was going to say. She doesn't have to be on the mortgage application, but putting her on the deed will be beneficial should something unfortunate happen.
my brother in-law is purchasing a house, he and my sister have been married 14 years but due to student loan debt on my sister's part, he doesn't want to put her name on the Mortgage or the Deed. They also have 2 biological kids together. What are her rights if he passes or divorces her? They live in New York State which is a an Equitable distribution state, (not sure exactly what this means).
Not being on the mortgage - yay for her! No financial obligation for the debt.
In many states she has rights to the home as his spouse if he dies. If her state recognizes "tenancy by the entirety" she's fine, don't worry.
Although the surface appearance is that the hubby is doing something "unequal" the fact is that states like NY which does allow TBE it basically means that for the purposes of ownership the "marrie couple" is one legal entity and neither party to the marriage has any ability to unilaterally sever the tenancy. The advantage that there is by not having wife on the mortgage is that should husband die the debt dies with him and is not automaatically the burden of the wife. Of course the details of insurance and estate law and even divorce / family law are too intricat for an Internet forum but the bottom line is that this is a perfect "fair and honest" way to deal with a spouse that would only hurt the ability to get the best rate on a mortgage...
Wouldn't make any difference in NJ. Wife still gets her fair share.
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