divided equally. In addition, there are mutual court orders that automatically protect marital properties. An automatic temporary restraining order prohibits spouses from selling, transferring, or borrowing against property when a divorce is filed, so no, your ex shouldn't use your joint home equity line to wine and dine his girlfriend. But to be 100% certain, any orders should be discussed with your attorney, as this protection varies from state to state. The family home is typically a couple's most valuable joint asset and must often be sold in order to equally distribute its value between the two spouses. Therefore, it is vital for you to understand the relationship and differences between a mortgage deed and a property title. Mortgages are conditional legal agreements made for the purpose of buying a property/home. The lenders security interest is on record when the title is registered. The mortgagee (lender) may obtain a foreclosure order to take possession if payments of the debt are in default, so make sure you continue to pay your mortgage unless your attorney specifically advises you not to! A property title refers to ownership of that property and the right to use it. A person on the title can transfer ownership to another party but cannot transfer more than he or she owns, thankfully. Some divorcing couples utilize a quitclaim deed, which simply transfers ownership from one spouse to another, but it does not transfer financial responsibility. One spouse may transfer title of the home to the other and consider him or her free from the financial responsibility of the mortgage payment, but this is not the case. The loan payments are the responsibility of the parties on the mortgage, so NEVER agree to give up title to your home unless you are also going to be absolved of the mortgage responsibility. In order to change the names on the mortgage, one spouse must obtain financing with which to buy out the other, in other words, they must "refinance" the loan for this to be done properly.
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