Divorce can be a difficult, expensive and emotional time for everyone involved. If you and your spouse own a home together and have a mortgage, it can add an additional layer of complexity to the process. Here are some tips on how to handle your mortgage during a divorce.
Determine who will keep the house
You and your spouse will need to decide who will keep the house. If one of you wants to keep the house, they will need to buy out the other's share of the equity in the home.
Refinance the mortgage
If the person keeping the house cannot afford to buy out the other's share of the equity, they may need to refinance the mortgage in their name only. This can be a complicated process, so be sure to work with a mortgage professional and do your due diligence to find one that charges no lender fees to keep your costs down.
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Sell the house
If neither person can afford to keep the house, you may need to sell it and split the proceeds. Be aware that selling a house during a divorce can be challenging, so it's important to work with an experienced real estate agent.
Keep up with mortgage payments
Regardless of who keeps the house, it's important to continue making mortgage payments on time. Falling behind on payments can damage both of your credit scores and make it harder to secure future loans.
Get legal advice
Divorce can be a complex legal process, so it's important to work with an experienced attorney who can help you navigate the process and protect your interests.
Handling a mortgage during a divorce can be challenging, but with careful planning and the right professional assistance, you can successfully navigate the process and move forward with your life.