Thank you for that information. Reverse mortgage situations can be problematic in divorce situations, particularly since the terms of the mortgage may
"accellerate" the loan if one or both of the parties vacate the premises. Now as a practical matter, where the property is the collateral, and what will pay off the loan (such as in this situation) so long as one of the parties stays in the property, the bank will not accelerate such a loan.
The mortgage itself is a debt, and since you both signed it, it would be apportion able to both of you.
Typically when there is a "comingling" of separate assets into a common property, such as we have here, the court is going to consider that new asset marital property and as such subject to the joint and equitable distribution
that court will do. Only if there were a prenuptial agreement
in place would those contributions remain divisible to the respective parties.
Typically assets and liabilities are divided equally. So if you get the house, you get a property worth $190,000, and there is the debt in both names of ~$140,000. IF you took both the property and the debt, there would still be a net to you of $50,000, and that would mean that your wife would need to be compensated for half of that.
Again, this is assuming there is no prenup in place that would govern otherwise. The fact that you purchased this together and pooled your money to purchase would mean that the initial investments would not be considered, but rather that it was meant to be "comingled" and enjoyed equally, so she would be entitled to (roughly) half of the net value (equity) if she moves out.
Now there would have to be a consideration of the other marital property, if any. It's not half of every asset, but half of the marital assets. (and it's not necessarily
half, but rather an "equitable division", which is most of the time half). If this equity is ALL there is, then it would almost certainly be ordered that she would get half of it.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!