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Marital Home

My husband is considering bankruptcy. He has no assets but we own a family home. The house is in my name and the mortgage is only in my name (due to his bad credit). We have some, but not a lot of equity in the home. Although the house is in my name will I be forced to sell it because half of the equity in the matrimonial home is my husband’s under Family Law? My three children from my previous marriage live in the house with us.
Thanks.

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One Response to “Marital Home”

A licensed trustee said...

Family Law only becomes an issue if the two of your decide to separate at any time before or during your spouse’s bankruptcy. If you separate then he may have a claim to 50% of the equity in the house under Family Law, but that claim only exists if you separate.

Your spouse’s trustee may ask if the house has always been in your name and whether or not any of the money used to purchase the home came from your spouse. These are all issues that you want to discuss before your spouse files – just like the “Houe ownership” question below yours on the list – you don’t want any unpleasant surprises after you spouse files.