There are few things worse than drawing the conclusion that it’s time to get a divorce. Divorce is complex, there’s no sugar-coating it. When couples get divorced, they’ll have to hash out various terms, including what will happen with certain assets, whether one spouse will receive financial support, who will get custody of the kids, and more. One thing couples sometimes fail to consider is what will happen with their mortgage after they get a divorce. Please continue reading and reach out to a competent Los Angeles divorce attorney from Zitser Family Law Group, APC to learn more about how a divorce can impact your mortgage and what we can do to help you. Here are some of the questions you may have:
What happens to a mortgage in a divorce in California?
If you and your spouse share a mortgage, you should understand that you’ll both likely be on the hook for paying it, regardless of what your divorce decree states. This may seem strange or unfair to you, but the reason behind it is that your mortgage lender is a separate entity and the terms of your divorce simply don’t apply. That said, if you’re the spouse who’s leaving the home, you’re probably worried about having to continue making mortgage payments for a house you no longer live in or use. Fortunately, there are certain actions you can take.
What can I do if I don’t want to pay the mortgage after a divorce?
In many cases, when couples get divorced, the spouse who is leaving the home will remove themselves from the policy. From here, the other spouse will likely refinance the loan in their own name. This will likely make the monthly mortgage payments more doable for the spouse staying in the house while freeing the other spouse from having to continue making mortgage payments. That said, if this doesn’t work in your case for some reason, the other option is to sell the house entirely and split the profits amongst yourselves. Though your home is a sentimental asset as well as a valuable one, the truth is, this is sometimes the simplest and most practical way to go about it when facing a divorce.
If you have any additional questions, please don’t hesitate to speak with a competent Los Angeles division of assets attorney from our legal team. We are here to help you through each phase of the process ahead.
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For the qualified, dedicated legal representation you and your family deserve and need through any family law or divorce matter, contact Zitser Family Law Group, APC today.