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Husband is employed full-time supporting wife who is working on undergrad degree. Several years into the marriage (wife is still in school) the husband is gifted money and uses said money to purchases a condo. Being that only he is working at the time the mortgage and condo are in his name only. They decide to use the condo as a rental property (rental income covers mortgage. maintenance, etc.) Wife finally graduates and starts working. 2years later they are getting divorced. Unit has risen in value significantly since purchase and a subsequent HELOC was taken out, in only the husband’s name as well, and used to fund other investments they have together. Wife wants her name added to the condo without having any legal liability for the related debt. Husband is okay with adding wife’s name to condo assuming she’ll also be responsible for half the debt. What’s the fair and just thing to do?
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