For most people, their largest asset is their home. However, when a couple who jointly shares a mortgage on a home gets divorced, they are often left wondering what to do/how their mortgage payments will be structured. Please continue reading and reach out to our experienced Los Angeles divorce attorneys to learn more about how a divorce can affect a mortgage. Here are some of the questions you may have:
What happens if my spouse and I get a divorce and share a mortgage?
When spouses jointly share a mortgage, they have a lot to consider. This is because regardless of what your divorce decree says, both spouses will still have to pay off the mortgage. This means that even if your divorce decree specifically states that one spouse is responsible for paying off the mortgage, it doesn’t matter. This is because your lender is an entirely separate entity. Rather obviously, if you are the spouse that has to move out of your home and you no longer use the home, you are most likely concerned about having to make such payments. Fortunately, there are options on the table.
What should divorced spouses do about a mortgage?
The best way to handle a mortgage after a divorce is by having the spouse who no longer resides in the marital home remove themselves from the policy altogether. In this case, one spouse will remove themselves from the policy, and the other spouse will most likely have to refinance their loan in their name. This will free the spouse who no longer lives in the home from having to pay off the mortgage, and should also provide the spouse who remains in the home with a more feasible financial situation. In other cases, it is simply best for both spouses to sell the home and pay off the mortgage. Though this is a big step, for many, it is the best option. Whatever you decide, you shouldn’t make a move until you’ve spoken with an experienced California divorce attorney with a significant financial background. If you have any further questions, please do not hesitate to give our legal team a call today. We are here to help you.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.