My wife and I are in the process of building a new home. Unfortunately we are getting a divorce, and she wants to finish and live in the house. The loan is both our names. Can I transfer the property and the loan to her and her mother?
[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]
You may be able to possibly go through with the transfer depending on your state’s family law code. If you live in a community property state, the property will be divided equally between the both of you. When this occurs, most couples either sell the property and split the proceeds 50/50, or buy one another out. Either way, you should speak with an attorney before you consent to transferring any of your property rights.
