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Splitting up your mortgage in a divorce

If you and your spouse have decided that you can no longer remain married, you know that you must face the task of dividing up your marital assets. Many couples in Virginia often end up selling their family homes when they get divorced but perhaps your spouse feels strongly about wanting to keep the house even after your divorce is final. This may be workable but before you agree to this, you should understand how to protect yourself in the future.

As explained by Bankrate, divorcing homeowners should never rely solely on a divorce decree to assign financial responsibility for any debt, including a mortgage. This is because a creditor does not have to heed the terms of your decree. If your name is on the mortgage, you are liable for the loan payments in the eyes of the lender. This means that if your ex is late on a payment or fails to make a payment, the bank may pursue payment from you as well as from your former spouse. In addition, any negative reports to credit bureaus will include you as well as your ex.

The only way to protect yourself against these types of situations is to require that your spouse obtain a new mortgage in their name only.

If you would like to learn more about how to protect yourself financially when your spouse wants to keep the family home after your divorce, please feel free to visit the asset and debt division page of our Virginia family law and divorce website.

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