Divorce: who gets what if there is a cosigner on the mortgage loan?
My spouse bought a house a year ago. We were not married when he started the process, but we were married before we closed on the house. Due to less than perfect credit, we had to have my spouses father cosign on the mortgage loan which my name is not on. Along with cosigning, my father in law gave us a gift of $2000.00 to help pay for closing costs, and assisted us financially to pay for a new bathroom and new roof.
My spouse and I have decided to begin the process of divorce. I will be the one leaving the marital home along with our 2 young children for the time being as it is volatile and unsafe.
My question is... when we divide assets who gets the house? My name is not on the loan, or deed. Do I have rights to the house, or money from it if it's sold? I have paid the mortgage payments with my spouse. Does my father in law have any right to money after (if) the house is sold?
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