Michael E. Golub, P.A.

Homes, mortgages and divorce

Florida couples who are getting divorced often find themselves trying to figure out what to do with their family homes. A house may well be a couple's single most valuable asset but it may also be connected to a mortgage that may be their single biggest debt. In addition, people attach a lot of emotions to their homes, especially if they have children that they raised in the home or who still live there. This can lead a lot of people to rush into trying to keep their house when they get divorced but this may not always be the best idea.

As explained by Time Money, if one spouse wants to keep the marital home and the other person is even willing to sign a quit claim deed relinquishing their ownership in the property, if the mortgage is in both people's names, the lender will still consider both of them responsible for the loan. Certainly being financially liable for something that one does not get any benefit from is not a good thing but there are other problems with this scenario as well.

If the spouse who kept the home misses or is late on any mortgage payment, the bank may try to get the payments from the other spouse and the credit reports of both people on the loan will be negatively impacted.

This is one of the biggest reasons that many couples choose to sell their home when getting divorced. The Mortgage Reports does suggest that if one spouse is able to get a solo mortage in their name only, then the option of keeping the house may be viable.

 

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