Marriage itself means to share responsibilities. However, if one of the partners owns a home and has a mortgage loan over it, the issue of homeownership crops up. This is because the other person is required to share the responsibility of paying for the mortgage loan. There are three ways by which married couples can share responsibility without getting into a personal debacle. These options include sharing the responsibility with mutual informal consent, adding up the name of the partner to the title and then sharing the responsibility and third one is to get the existing loan refinanced on the names of both the partners and change the title so that it reflects co-ownership.
However, the entire episode is not as easy as told. Sharing the responsibility through an informal consent between the partners requires a proper and genuine understanding between husband and wife. According to law, the ownership of the home would still exist with the person holding the title even though the other one shares the payment burden. This situation is risky for one of the partners when there is a situation of divorce.
These situations could be avoided by having both the persons added to the title. The disadvantage of this option is that only one of the partners on whose name mortgage loan is taken is responsible for making mortgage payments. The ownership on the home is shared by both the partners. In case of divorce, the property could not be sold without the permission of other one.
The third and the most preferred option is co-ownership, where both the partners share the ownership on the home and also share the responsibility of paying for mortgage. While both the names are added to the title, the existing loan is also refinanced on both the names.
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