It’s a question we often see in the real estate world, “If I’m buying a home and only my name is on the loan, does my spouse have any claim to it?”
Short answer is: Yes.
A situation like this occurs either when a home is purchased prior to marriage or if the loan officer suggests that one spouse secures a loan alone due to a higher credit score. Though only one spouse signs on the dotted line to be financially responsible for the home loan, the other spouse has a marital stake in the property.
Remember, it takes…”One to buy, two to sell.”
So, if a homeowner is married, both spouses need to sign the listing paperwork. That means both need to be in agreement to sell, as is the case anytime more than one person has a stake in a property. When the home is sold, both will benefit financially. An accountant is the best source for explaining how income and taxes will be affected.
Also, if two people are legally separated, both should hold off buying a new home. Their spouse still has marital rights and could lay claim to ownership of the new home. So, if a buyer wants to avoid a mess, it’s best they rent until the divorce is over. Of course, a buyer should always refer to an attorney when it comes to legal matters, such as divorce, separation, etc.
If you have any questions about this or buying/selling a home, give us a call at (910) 202-2546 or send us a message through our Contact page.