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Your mortgage during a divorce

When couples in Connecticut get divorced and they own a home together, they often put a lot of time and emotional energy into figuring out what to do with their house. However, some of that time and energy should also be directed toward the mortgage. That is because banks do not look at houses and mortgages as one in the same but as two distinct things. This becomes very important when one spouse wants to keep the house.

It is not uncommon for one person to remain in a family home, especially if they have young kids. As explained by Time Money, some people might believe this is as simple as the other person moving out and letting the details be listed in the divorce decree. Some go the extra step of creating a quit claim deed that hands over their portion of ownership in the home to their former spouse.

However, if no changes are made to the original joint mortgage, the person who leaves the house and who no longer enjoys the benefit of the asset is still liable for the debt in the eyes of the lender. The only way around this when one spouse wants to keep the house is for that spouse to get a new mortgage in their name only.

Bankrate indicates this may not necessarily be an easy feat. Divorce can wreck havoc with a person's finances and credit and even with the receipt of alimony, a person's credit may not be sufficient to qualify for the needed loan amount.

 

 

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