Jamie Graham & Associates, PLLC

Refinancing the home is a good option following divorce

A mortgage payment is generally the largest expense for couples in Texas or in other states in the country. The process to own and maintain a home is complex. When a couple decides to divorce, those complexities come into play as decisions about property division are made. Some financial experts recommend refinancing the marital home following a divorce.

Going through the process of refinancing can protect a person's credit. Even if someone's share of the home is bought out by the ex-spouse, he or she is still liable for a joint mortgage unless the loan is refinanced to reflect single ownership. Someone's credit could be damaged if the former spouse fails to keep payments up to date.

If one spouse buys out the other, careful consideration should be given to ensure that assets are divided fairly. While one spouse may keep the home, the other would perhaps retain a larger share of other financial accounts. In other cases, someone may keep the home instead of receiving spousal support payments. Refinancing a mortgage may be helpful to someone going through a divorce, since it might be possible to get some extra cash from the home's equity in the loan process. This could allow an individual to pay off some loans, establish an emergency fund or save for retirement.

Should one spouse decide to refinance, it would be helpful to seek a fixed-rate loan. Being able to budget the same payment amount can benefit someone who may now be living on a single income. While adjustable rates may appear attractive, locking in an established rate eliminates uncertainty.

Refinancing a mortgage is only one option for ex-spouses going through a divorce to consider. To ensure that someone's interests are protected throughout the process, it would be wise to contact a Texas divorce attorney for guidance. An experienced lawyer will help clients navigate the complexities of the divorce and work toward achieving the best possible outcome in the proceedings.

Source: forbes.com, "Til The House Do Us Part: The Top Five Reasons To Refinance After Divorce", Jason Crowley, Nov. 27. 2017

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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