Today we will discuss some of the options you have when dealing with your mortgage in divorce. All too often people focus on certain aspects of divorce and forget the rest. In divorce, the mortgage is important because it deals with the home you shared during your marriage. What will happen afterwards?
Selling, Taking Over Payments, and More
There are many options you have when dealing with your mortgage with your spouse, some of them better than others. They include the following:
Selling: You may find that selling is the option that works best for you. In many cases, this is what divorcing couples will choose. If you have equity in the house, it’s the easiest way to unload and split the money with your spouse. It may be emotional from one aspect, because this is where you raised your children with your spouse and made memories together. However, from a financial standpoint, it’s the best way to take care of a mortgage.
Taking Over Payments: Perhaps your spouse wants to keep the home, which means that they could refinance under their name and take over payments on their own. However, this can put you in a bad position if you don’t trust that they will actually make the necessary payments. The mortgage company may ignore the fact that your name is no longer on the deed, and still hold you liable, which means that you must depend on your spouse to make the payments. You’ll need enough income to be able to look for your next home, so make sure you know what you are getting into.
Renting: When you aren’t able to sell the home, renting out the home may be the best option. This could help delay the sale of your home and buys you more time. However, it also opens up new responsibilities since you will be renting it out to someone together.
Living Together: If you think you will be able to live peacefully under the same roof with your spouse, you may choose to live together. It can save you both money as you think of new options, especially if you are waiting for the housing market to improve before you sell.
No matter what you and your spouse decide on, it’s best to have legal help on your side when you are dealing with the many aspects of divorce. To ensure the best results in your case, call us today. We are willing to help you through every aspect.