Mortgage Options When Going Through a Divorce

Homeowners who are going through a divorce have a lot of things that they need to consider about their mortgage.

Regrettably, not all marriages last as long as the life of their mortgage. During a divorce a seasoned divorce attorney will discuss all the major issues of a dissolution of marriage. Some of those include, children, assets, and liabilities. The biggest asset and liability in a divorcing couple is the marital home and the mortgage.

  • Know Your Rights! If both husband and wife are on a home mortgage together, then the home and loan issues need to be addressed right away. Even if in your divorce decree it states that the other spouse is to take care of the home and mortgage payments, it is crucial that you realize that this will not remove your liability from the obligation. When you both agreed to the mortgage and signed the loan documents, you both agreed to be held responsible for the repayment of the loan.

Before the Florida housing market bust, divorcing couples sold the marital home and split the proceeds and bought a new home. Now, when a couple split the decisions a couple must make must be based on the long term view without emotion. Though you may want to keep the home you love and your children feel comfortable that may not be an option. All solutions must be fully discussed with your attorney with an eye to the future emotional and financial stability of the whole family.

Selling the home is the easiest method to resolve a mortgage when you and your spouse are equally liable for the debt. Some options to consider with your attorney are (1) if the home has sufficient equity sell the marital home and split the proceeds, or (2) if the home is under water, then short sale the home, (3) spouse refinances mortgage, (4) sell the home at a later date and split the any proceeds then. These are not the only options, but with the banks so reluctant to give mortgages these options must be on the table. It is important to have a well thought out plan to resolve the mortgage of the marital home. A conversation with an experience family law attorney, like attorney Carmelina Marin can help you make an informed decision based on facts and not emotions.

Please contact The Marin Law Firm at (407) 449-7804 with your questions or to learn more visit her Facebook page at

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