What Will Happen to My Mortgage if I Get Divorced?

What Will Happen to My Mortgage if I Get Divorced?

If you are undergoing the divorce process with a spouse with whom you have a joint loan on your home, you are most likely very concerned about what will happen to your mortgage after your divorce. Please continue reading to learn more about mortgages and divorce, what your options are, and how our experienced California divorce attorneys can help you through every step of the legal process ahead. Here are some of the questions you may have:

Should I refinance my home after getting divorced?

In many cases, after a divorce, one spouse will agree that he or she will move out, and the other spouse will continue to live in, and care for, the home. That being said, if you and your former spouse had a joint loan, your former spouse should not have to make payments towards your mortgage if he or she has moved out of the home. For this very reason, if you are the spouse who plans on keeping the home, it may be best to refinance the home into your name, as this will make the loan your sole responsibility, freeing your former spouse from making unnecessary payments. Once you do so, you should also change the deed to your home as well to ensure that you are the only one with a legal claim to your home. You can do so by getting your former spouse to sign a quit-claim deed to relinquish his or her claim to ownership.

Is it best to sell my home in a divorce?

In many cases, the best solution regarding house-related issues in a divorce is to simply sell the home. This is particularly true if you are unable to refinance your mortgage or make payments on your own. Do not try and fight a battle that is so uphill the chances of you coming out on top are unreasonable. For example, do not insist that you will be able to pay your mortgage, spend extensive time fighting for the home in court, only to find that you are unable to make your mortgage payments. While homes are often of sentimental value, the truth is, depending on your situation, simply selling the home may be in you and your former spouse’s best interests.

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.

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