There are few assets more valuable and important to a person than their home. Unfortunately, divorce can make keeping the home a complicated issue. Fortunately, however, there are options on the table. Please continue reading and reach out to our experienced Los Angeles division of assets attorney to learn more about some ways a divorcing spouse can keep their house after a divorce and how our firm can help.
Ways for a Divorcing Spouse to Keep the House Even After a Divorce
Just some of the most practical ways a divorcing spouse may be able to keep their house are as follows:
- Refinance Your Loan: The first, and perhaps the best option for keeping your home after a divorce is to refinance your loan and remove your spouse’s name from the mortgage. Refinancing your loan can make your monthly payments more affordable after a divorce. That said, unfortunately for some spouses who are now single, they will have a hard time getting approved for a new loan now that they are missing the second income their spouse provided.
- Consider Recasting Your Mortgage: If you are unable to refinance your loan, recasting your mortgage may be the next best option. If you are someone with a tax refund on the horizon or you recently received an inheritance, you may be able to apply that sum to your principal payment and recast your mortgage, which will, in turn, lower your monthly payments going forward, which may enable you to keep your home after a divorce.
- Co-Own the Home With Your Spouse: In many ways, this is not an ideal option, however, if you have complete trust in your ex, it can work, at least in the short term. The problem with continuing to co-own the home with your spouse is that if your spouse refuses to keep up with mortgage payments, there’s a strong chance you’ll be on the hook for paying off those debts. However, if your spouse is responsible and is willing to commit to co-owning the home even after a divorce, this can allow you to remain in your home.
If you have any questions about how the divorce process works or whether you’ll be able to keep your house, please do not hesitate to reach out to our experienced Los Angeles divorce attorney. We are here to help you in any way we can.
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.