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My wife and I purchased a home this year and we are both on the title. The mortgage however had to be taken out only in her name because I had substantial losses in the previous year which would have caused us to not qualify for the loan had we both been on it.

We both paid and continue to pay equal amounts towards the mortgage and adding my name through the mortgage company is not going to work since I still need a few years to get my income back on track (although I have plenty of savings to pay my part until then). Furthermore we locked in a great rate so we don't want to lose that.

The question is what type of legal agreement can we put in place which obligates me to pay 1/2 the mortgage even though I am not actually "on" the mortgage? What is this called and where can I find a template online if possible?

Thank you in advance for your answers.

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    This is a legal question, not a financial one. Oct 15, 2013 at 3:12
  • I'm sincerely curious: Why do you need such an agreement? What benefit do you both get from having an equal payment obligation? Does it matter if she pays the mortgage and you pay other bills that are roughly (or exactly) the same amount? What does splitting the payment through a legal obligation protect you from?
    – Alex B
    Oct 15, 2013 at 3:28
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    The agreement is more than anything a gesture of fairness since technically I have 50% title to the home but 0% obligation to the mortgage. I of course still pay for 50% of all our expenses including mortgage but I think such an agreement would show that I'm not looking to expose my wife to any undue risk, and score me some nice brownie points in the process. :) Oct 15, 2013 at 3:57

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It is called a "postnuptial" agreement, and you should do it through a family lawyer.

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  • A Postnuptial agreement is more than what we are looking for. We already have a pre-nuptial agreement (which was drafted before this purchase) and all we really need is an addendum which specifies my obligations on the mortgage. Seems like something there should be boilerplate language for. We don't see the need to hire a lawyer just for a relatively simple addendum. Oct 15, 2013 at 3:14
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    @DarkMatters if you have a prenup, then yes- just an addendum. But its a legal contract, so you should have a lawyer draft it (probably the same lawyers who did the prenup for you). Don't use "boilerplate" language for legal contracts when they're more than tiny bit unusual.
    – littleadv
    Oct 15, 2013 at 3:22

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