Today we’re going to shed a little bit of light on the subject of divorce, and how it can impact your home and your mortgage.
A lot of times we see marriage settlement agreements come across that state one spouse is buying the other out and keeping the property. While that’s great for negotiating purposes, a marriage settlement agreement doesn’t relieve your legal liability to the lender if there is a mortgage on your existing property. The only way to do that would be to refinance your property out of one spouse’s name and put it in the other’s.
We like to walk our clients through the process step by step to make sure they are making the right decision. We walk through each scenario in our initial consultation. Should we just sell the home and divide the proceeds? Should one spouse buy the other out? We will get all the information together and present it to you so you can make the right informed decision.
If you have any questions for us or you’re going through a divorce and would like some real estate advice, give us a call or send us an email. We’re always here to help.