Property Distribution via. Divorce

Divorce can be a difficult time and it is imperitive that you understand all of your option. The biggest question that arises is that of the marital interest of the home.

The party who takes such interest will now be responsible for the mortgage and the costs associated with the home; utilities, upkeep, and other related bills. Keep in mind your income more than likely will decrease that of the ex-spouse.

Do NOT assume debts are being paid off. Manage your debts proactively

Keep track of loans after your divorce.

Whomever chooses to stay in the home often has two financing options to pay the ex-spouse.

1. Refinance the home into whom has marital interest of the property and buy out the non-interested partner.

2. Get a new home equity loan and sell the current home releasing everyone from the mortgage and deed.

There are specific rules to qualifying for a new mortgage. Be sure to speak with us about your best options along with your family law counsel.

KEEP YOU CREDIT SAFE

1. Refinance to remove loan

1. Lenders get paid on time