Spouse on New Mortgage

Looking for some basic advice. Here is our situation:

Early 50’s male, divorced 15 years ago and remarried 5-years ago. Moved into present wife’s condo(5-years till its paid off) -never put my name on the mortgage with the thought that it might allow us a better opportunity to get a second home if need be. Well, that day has come and I qualify on my own for the mortgage on this new condo. The question is whether there is an advantage to keeping my wife’s name off the mortgage? Not really concerned about divorce …although it is always a possibility I suppose. My thought is more on the financial end -what if for some reason we can’t afford one or the other and we enter foreclosure; or what if something happens within one of the condo communities that would cause us to just walk from the obligation? My thought was that if we kept things separate(but covered with a will) we might lose one, but always have the other. Maybe that’s a crazy thought but I’m just trying to take the best path before we finalize things. Naturally, my wife is wondering what my hang-up is with not having both names on both properties.

As a side note, my parents have reached the point where they are tired of living in a single-family home and will be living in this condo for as long as necessary.

Thanks in advance!

I would qualify for the loan on my own, and call it a day.

However, you still need a will and testament that guides the administrators in such a way that the title is transferred to the surviving spouse without hiccups.

You need a tax planner/attorney to advise you on how to handle a default, a death, or a divorce …in advance.

Otherwise, someone’s kids are going to sue to unwind whatever title you thought you/she had, regardless of whom qualified for financing, or not, in order to get their hands on the estate’s equity.

I have 11 years of bitter experience, and $70,000 in legal fees, to know better.

Also if you are in one of the six “Community Property” states…check and see what the ramifications there might be.

You may, if things go bad, have to prove that you NEVER co-mingled yours and hers $$$.

Ask me how I know about this.

One could qualify for mortgage, then put home into a trust. Then the trust documents can name one’s wife and successors in the beneficiary designations.

Hope this helps.