Will I be responsible for Ex-Husband's Children Debt(Mortgage)?

[angela00]

Hi, I hope that you can help me since I feel pretty helpless.
I'm about to get a divorce in california. My still husband, who has children
from his previous marriage, wants to be a co-signer for his daughter's mortgage loan to buy a house.
She however is still in college and does not have any income, so she does not qualify for a mortgage loan.
I believe the ex-wife has custody over her, since she lives with her. My (still) husband recently retired and receives social security.

My question is, when they buy a property and he co-signs, will I be responsible for his daughters debt after
we file divorced. I do not approve it but he doesnt care and want to do it. I believe she needs to be financially stable first, finish college, get a job etc. I don' t want to be held responsible, since I will also have student loans to pay back. I don't want to rush the divorce, but I feel pressured under these circumstances. Also would it be advisable to get a divorce in different state e.g. nevada instead of california. We don't have any common property together.

I would appreciate a prompt response very much. Thank you!

 

[Michael Wechsler]

You personally might not be responsible for your husband's co-signing onto a mortgage / home loan for his daughter. But what you should and need to keep in mind is that his assets will be subject to being seized or enforced upon should there be a default on the loan. Think about what that means if you are a joint property owner with him or freezing jointly held bank accounts. Most people don't realize how much property they may share in a common interest. I completely understand your concerns and you'll probably want to ensure that some type of financial arrangement is in place before any of this takes place, most especially between your husband and his daughter in order to deal with contingencies in advance such as a default on a loan.