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| Homes Come and Go; the Mortgage Stays Forever |
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| Written by Tina Fountain |
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If you are sure that you can take on the costs of owning the house outright, it’s time to figure how to deal with it in the divorce settlement. You could choose to buy out your former spouse by refinancing the mortgage in your name and taking out enough to cover your spouse’s share of the accumulated equity. Or, if circumstances and inclination permit, you could keep your spouse on the mortgage and arrange a future date for the home to be sold or for you to repay your ex their share of the equity accumulated. Another option is to trade some other valuable assets for full ownership of the property, like a 401K or vehicle or other chattel. Whatever option seems best to you, it is a good idea to involve a good lawyer who has experience dealing with divorce and real estate to ensure that you are getting full value out of the division of property and that your rights are being upheld. A legal professional can help you mediate from a strong position and ensure that your wishes regarding possession of the home are negotiated. If keeping your home after a divorce is important to you, you may have to give up some property, rights to future monies or other chattels. However, keeping your home may be very important and worth fighting for. Protect yourself and your investment in your home by getting competent legal advice and try to settle amicably for the sake of getting a better deal faster. Tina Fountain |
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