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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 117370
Experience:  Attorney experienced in commercial litigation.
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I married a woman four years ago. She has a mortgage on a

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I married a woman four years ago. She has a mortgage on a house she bought fifteen years ago. The house is 'under water' in that the sell price is lower than the balance of the mortgage. What is my liability, if she can not meet the payments?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If she has a mortgage on the house in her name, it is her separate liability. You would have no personal liability on the house. However, any income or assets you put into accounts in joint names (your name and her name) can be taken to satisfy the debt. So to avoid that you need to keep the assets in an account in your name only and then they can only come after assets in her name only.