Need help/info with marriage and buying a home in ArizonaSubmitted by beardeus on Wed, 07/06/2011 - 13:54
Hello fellow freedom lovers!
I need some information through experience or known websites about marriage and buying a home in Arizona. I am currently single yet plan on being married in December or January. Please refrain from the "don't get married" comments. I don't need advice in that regard.
My fiance and I are going to be purchasing a home extremely cheap, <85k, and she is going to be the only one on the loan. We are doing this for a couple of reasons. Mainly if we wanted to get rid of the house but were underwater or if I got into trouble financially. I don't expect either of these situations to arise but essentially just trying to be smart and careful and limit liability. I do expect housing to continue downward but some of these cheaper homes are at a discount because of it being a short sale, foreclosure or bank owned. So I believe it is a fairly good time to buy. Plus they have to raise interest rates sooner rather than later and we would be looking to get into a fixed rate.
I essentially just need information about when we are wed and living together what legal responsibility do I have? Because we are married is she liable for any debts that I have and am I liable for any of hers? What about the home? Again, I am not anticipating anything disastrous but just wanting to protect ourselves. She is done with school and making good money. She is hardcore about paying off all of her debt which should be easily attainable within a year. I have some and could get rid of it all but am not willing to part with my silver. I am holding it because ,most here all know, where it is headed. So my plan is to hold the silver and accumulate more while paying off some debt.
1) Getting married soon in Arizona
2) Wife will be buying home in her name >85k
3) The home maybe purchased, most likely, before we are married
4) Needing to know if all liabilities/assets becomes each others with marriage
Any input, experience or good websites with info would be much appreciated.