Buy a house without a spouse?
December 14, 2012 4:54 PM Subscribe
Buying a house while married but physically separated -- what are the possible issues?
posted by anonymous to work & money (5 answers total)
I am physically, but not legally, separated from my spouse and living in our jointly owned home while he rents nearby. He'd like to buy a house and with his income, certainly could do so. We both have excellent credit and no debt except for our current mortgage. He makes more than double what I make and helps with our mortgage knowing that, in five years, I will either sell or owe him the equity in the jointly owned property. There is no chance of reconcilation between us but it is very much an amicable situation. We are staying married, but separated, because his healthcare plan is so excellent and cheap. Can we refinance our current property (the one I'm living in) while simultaneously allowing him to buy a new home on his own while staying married on paper? I need him to re-fi the loan (streamlined VA) because I couldn't qualify with just my income. What are the ramifications/issues for this second property he would be buying? By that I mean would he lose some tax benefit since, on paper, I assume he'd need to declare our current home his primary residence. Would I have to be on the title or could he be the outright sole owner? We'd both be willing to enter into private agreements that would allow for each of us to have our own residence and minimize the tax implications and any unnecessary process/burdens for our spouse.