If you live in Florida and are heading into a marital divorce, you may well feel the emotional tug to work hard to keep your family home. This may be especially true if you have small children who still live at home as you may understandably be wanting to retain as much consistency for them as possible. While this is certainly a viable goal, you might do well to step back from the emotional side of things and look at the legal and financial sides of things.
The Mortgage Reports explains that your mortgage and the home that it essentially finances are really considered two separate things, not one. This means that even if you and your spouse agree that you will stay in the home and assume responsibility for it, your former spouse could still end up on the hook for the payments if you miss any. This could happen if your mortgage is in both people's names.
It is for this reason that you may want to investigate refinancing to get a mortgage in your name only. If you are unable to do this due to the reduction in your income from the divorce, it may be time to consider selling your home even in a short sale.
This information is not intended to provide legal advice but is instead meant to give residents in Florida some background on how mortgage lenders approach a marital divorce and what homeowners should consider when deciding whether or not to keep a home during their divorce.