Dear Big Move,
We live in Minnesota.
Do I qualify for a split share of property after 20 years of not paying the mortgage?
My ex-husband was the only one making the payments, but both names are on the property and the deeds.
We bought the property in 2006, and each paid $20,000 towards the down payment. After two years, we refinanced the mortgage, and we each received $40,000 in 2008.
He recently defaulted on the homeowners association fees. They contacted me, and I started paying.
If we sell, do I get a share of the house?
Ex-wife
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Dear Ex-Wife,
Yes, you are legally entitled to half the share of that property, even if you did not pay a mortgage.
It may seem unfair to your ex-husband, but whether you paid or did not pay the mortgage does not impact your ownership under the law
In most cases, if your name is on the deed, you own one half the property. He can buy out your share, or you could even buy out his half if you want full ownership.
If you came to an arrangement amicably, a quitclaim deed would remove either spouse from a title, and change the property from joint ownership to sole ownership.
Alternatively, you could file a partition action with the court to force a sale, if you do not wish to continue paying the HOA fees.
It’s surprising that your divorce settlement did not settle this property’s ownership. Contact your divorce attorney and/or make sure that you didn’t miss anything that was stated about the division of property.
Unexpected financial consequences
For other married couples, your experience provides a cautionary tale as it shows the importance of a prenuptial agreement and — at the very least — making sure all of these loose ends are tied up at the time of the divorce.
A prenup is a written contract between a couple’s marriage or civil union that clearly sets out the ownership of assets. Crucially, this states what happens to those assets in the event of a divorce. This typically includes all assets — from cars and real estate to investment accounts and retirement funds.
If you have a prenup and get divorced, your assets and properties are divided according to the prenup, according to Rocket Mortgage. The company also adds that in “most cases, the prenup usually overrides state laws about property distribution.”
But always check with a lawyer first.
If the ownership of this house was not dealt with at the time of your divorce, your ex-husband will need to lawyer up.
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