Jamie Graham & Associates, PLLC

Handling the mortgage can be tricky during divorce

When it comes to getting divorced, one of the biggest areas of contention is often the marital home. After all, after living in the house for years, the couple may naturally be emotionally attached to it and thus not want to give it up. However, in some cases, one spouse decides to stay in the home, while the other agrees to take other assets instead and move on. A few options exist for the spouse who has chosen to keep the family house as part of a divorce in Texas.

First, one spouse may choose to stay in the marital home. In this case, he or she might assume the mortgage, which essentially means taking over all of the responsibility for paying it. The spouse who chooses not to assume the mortgage will immediately be released from liability for future foreclosure or repayment.

Second, the spouse who chooses to keep the house might choose to refinance the mortgage. With refinancing, the other spouse will be completely removed from liability for paying it. The spouse going through the refinancing process will have to depend on his or her finances and credit alone to qualify.

Finally, after two spouses have divorced, the spouse who has chosen to keep the marital home may be able to apply for a modification of the loan with the other party. If the modification ends up being approved, the other party will simply be removed from the home mortgage and not have to worry about repayment. An attorney can provide guidance on the best course of action to taken when dealing with the marital home during a divorce proceeding in Texas.

Source: themortgagereports.com, "Dealing with Divorce: How to Handle Your Mortgage When You Split", Aug. 15, 2017

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