Reply to Would you ask for joint title on a condo DH bought when he was single and in this circumstance?

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[quote=Anonymous]For the condo that is paid off, it's fine to get it titled jointly if you want.  However, for the condo with the mortgage, if I were your husband, I would want the mortgage refinanced into both of your names before I would consent to joint titling.  The problem is that if your name is added to the title, but not to the mortgage, that puts him in financial jeopardy.  At any time, you can request a partition settlement which would require him to pay you half the value of the condo whether or not he could sell it.  You can also request, against his will, that he sell the condo to provide you half the value of the condo.  Whether he would have to bring money to the table and sell it.  However, he would be the only one responsible for the mortgage.  So you would then have legal ownership and rights to the property without the financial burden of the mortgage and the payment of said mortgage.  If it were to go so short sale or foreclosure due to your partition request, then he would be fully responsible for the costs and the loss on the sale of the property because you would be entitled to half the value of the condo and he would be responsible for paying off the condo and any losses would not be divided, but would be assumed on his portion of the sale.  Once you refinance in both names, which makes you equally liable for both profits and loss on the value of the condo, then it is safe for him to retitle it jointly.

I think a better idea would be for you two to just draft an agreement on what joint property is held within the marriage for the purpose of division of assets in the event of a divorce and to have this notarized.  That will give you the financial security of half of the marriage assets whether they are titled or mortgaged in his name or both of your names.  Much simpler to have that agreement (which you both see to agree to) in writing and notarized rather than trying to deal with the financial hassles of retitling and/or refinancing.  You can then refinance the mortgage when it is financially wise to do so and refinance in both of your names.[/quote]

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