To change the names on the mortgage, one spouse must obtain financing to buy out the other. All discussions regarding mortgages, quitclaim deeds, and title of property should be conducted with your legal advisor.
SELLING THE HOUSE
For most couples going through a divorce, selling the house is the best solution. Selling a home under any circumstances takes a great deal of time and effort, so the addition of the emotional stress of divorce can make the task overwhelming.
LEGALITIES
The termination of a marriage requires the division of real property. Marital property belongs to both parties, regardless of whose name is on the title, and each party is entitled to their equitable share. Some couples have a legal agreement beforehand, which provides a simple solution to property division. Some couples are able to use mediation to divide assets, but others are unsuccessful in negotiating equitable terms and must turn to the courts to rule on the division of their real property. Again, this book is in no way a substitute for professional legal advice. Always consult your attorney about the division of real property. Many couples enter into a mortgage based upon the expectation of a two-salary income that generates enough money to cover the monthly mortgage payment, upkeep, utilities, and unexpected repairs. It could be that neither spouse is in a financial position to singularly carry the full financial burden, and that neither is in a position to buy out the other. Preventing default on the mortgage is the most common reason divorcing couples choose to sell the family home. Monies budgeted for the upkeep of the home, property taxes, home
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