Posted on: 06th Apr, 2010 07:03 am
i have been living with someone for many years on a common law basis and we have 2 small children. about 3 yrs ago we jointly bought a house in bergenfield, new jersey. our relationship has soured and i want out of the relationship and the house even though we go fifty -fifty on all the pertinent bills. i want to move out, but don't want to jeopardize my credit and want to make sue that once i leave i am also leaving any ties behind to that house. please advise. i live in jersey and i know that the rules there are different than in other states.
Hi silamel,
When you have decided to end the relationship and let go of the house, you should ensure that you do not have any financial liability towards the house. You can easily remove your name from the property deed through a quit claim deed. But this does not release you from the liability of the mortgage.
You need to make sure that your partner refinances the loan in his name in order to remove your name from the mortgage. Until he refinances, you will remain responsible for the loan. If there any other debt, like credit card debt, etc., that you co-signed with your partner, you must make sure that it is paid off in full. Otherwise, these debts can haunt you even after you have moved out of the property.
When you have decided to end the relationship and let go of the house, you should ensure that you do not have any financial liability towards the house. You can easily remove your name from the property deed through a quit claim deed. But this does not release you from the liability of the mortgage.
You need to make sure that your partner refinances the loan in his name in order to remove your name from the mortgage. Until he refinances, you will remain responsible for the loan. If there any other debt, like credit card debt, etc., that you co-signed with your partner, you must make sure that it is paid off in full. Otherwise, these debts can haunt you even after you have moved out of the property.
i gather that there was no special arrangement made when you made the purchase. that's not necessarily going to hurt if you didn't do it, but it would be a nice thing to have to fall back on. attention: everyone reading this...make plans upfront in the eventuality your cohabitation arrangement goes south.
as jenkin noted, you'll want to ensure that you quit claim your interest to him at the same time he refinances - a reasonable lender will be happy to coordinate with you. in fact, we have some new jersey people on board this forum who'll be happy, i'm sure, to reach out to you.
as jenkin noted, you'll want to ensure that you quit claim your interest to him at the same time he refinances - a reasonable lender will be happy to coordinate with you. in fact, we have some new jersey people on board this forum who'll be happy, i'm sure, to reach out to you.
