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Home and Mortgage in Divorce

Posted by Unknown | May 03, 2021 | 0 Comments

home and mortgage in divorce

Be assured of a smooth divorce journey with Drama Free Divorce's expert assistance in navigating through the complexities of home and mortgage in divorce. At Divorce Financing Solutions of Kansas City, we take great pride in offering affordable financing options starting as low as $500 per month to Kansas City residents in both Missouri and Kansas, giving you the ability to easily manage divorce expenses without incurring surprises along the way. Our pricing structure is transparent and fixed to give peace of mind throughout this process.

Drama Free Divorce's compassionate team of lawyers understands the difficulty and stress involved with divorce proceedings, offering professional assistance while offering support with a human touch. Count on us as you navigate this transformative chapter in your life!

Navigating the complex nuances of "home and mortgage in divorce" can be daunting, yet this article explores its impact on mortgages, and house ownership, and offers five helpful strategies for managing them during and post-divorce. Furthermore, this piece emphasizes the value of hiring a divorce attorney, when to seek legal assistance and tips for finding one who meets all your needs during this challenging period. Our firm provides compassionate support as well as expertise during this difficult period.


How does divorce affect my mortgage?

Divorce can have profound repercussions for all aspects of your life, including your mortgage. When couples separate, the joint responsibility for paying the mortgage doesn't automatically dissipate, even if one spouse receives ownership of the house through divorce proceedings, this obligation remains joint and several.


What happens to the Mortgage after Divorce?

Once divorced, mortgage payments remain binding between both parties until it has been fully paid off or refinanced. Lenders do not regard divorce decrees as binding agreements, should one spouse fail to make mortgage payments, their failure could negatively impact both partners' credit ratings.


What Happens to the House?

Couples typically have several choices when it comes to making decisions regarding their house:

  • Sell the House: Selling the home and dividing up its proceeds provides a clean break from mortgage repayment obligations.
  • Buyout: One spouse may purchase out the other's share in order to continue living there, with careful consideration given to both its current market value and remaining mortgage balance.
  • Co-Ownership: For financial or educational reasons, some couples choose to keep co-owning the property jointly. Both parties remain responsible for paying the mortgage in this instance.
  • Deferred Sale: Couples may opt to postpone selling their home until a specific event, such as their youngest child reaching a certain age, occurs.
  • Refinancing: If one spouse retains ownership of the home, they may need to refinance it in their name in order to relieve themselves of financial obligations with their former partner.


Five Strategies for Handling Mortgage After Divorce:

  1. Remain in Contact: Keep communication open between you and your former partner about mortgage payments and financial matters related to the house.
  2. Review Your Finances: Following the divorce, take an honest assessment of your finances to ensure you can cover mortgage payments on your own.
  3. Refinancing Options: If you plan to keep the house, investigate refinancing options that would exclude your ex-spouse from any mortgage obligations.
  4. Investigate Government Programs: Investigate any government assistance programs that may assist with mortgage payments during challenging times.
  5. Consult With A Financial Advisor: For guidance in managing your finances post-divorce, seek the guidance of a financial advisor.


Why hiring a divorce attorney is better than proceeding without one?

Divorce can be an emotionally taxing experience, so hiring an attorney to assist can provide many advantages:

  • Expert Guidance: Hiring an attorney with extensive knowledge in family law will enable them to guide you through the complexities of divorce with confidence and expertise.
  • Objective Advice: An attorney provides impartial guidance that ensures decisions made are in the best interests of their client.
  • Negotiation Skills: Divorce attorneys possess expert negotiation skills that can assist in reaching a fair settlement for both parties involved.
  • Paperwork and Documentation: Dealing with legal paperwork can be time-consuming and frustrating. An attorney ensures all documentation is filed correctly and in an organized fashion.


When is the time to hire an attorney?

Though some couples may opt to navigate their divorce without legal representation, certain circumstances necessitate hiring a divorce attorney:

  • High-Conflict Divorce: If your divorce will involve significant disputes and conflicts, an attorney can represent your interests and negotiate for a fair resolution.
  • Complex Finances: Couples who share assets or investments may find an attorney's assistance invaluable in handling their complex finances.
  • Child Custody Issues: Hiring an attorney when child custody issues arise can help protect your parental rights and ensure the best possible outcomes for both yourself and your children.


What are the criteria for finding a good attorney?

Finding an attorney capable of helping facilitate a smooth and successful legal process for divorce is of utmost importance for ensuring a positive experience. Consider these criteria when searching for your ideal divorce lawyer:

  • Experience and Specialization: Look for an attorney specializing in family law with extensive experience handling divorce cases.
  • Client Testimonials: Review client reviews and testimonials to get an idea of an attorney's reputation and client satisfaction levels.
  • Communication Skills: Look for an attorney with strong communication skills who will keep you updated throughout the process.
  • Fee Structure: When hiring an attorney, make sure their fee structure aligns with your budget.


Why Choose Drama-Free Divorce?

Our firm is committed to offering compassionate support and outstanding legal representation during the often emotionally taxing process of divorce. Our team of specialized family law attorneys specialize in family law and have a track record of successful results for their clients. With excellent communication skills, we keep you updated at every stage of the journey while our transparent fee structure gives you full visibility of costs associated with this decision.


Suggested Action Steps: 

  • Assess Your Mortgage Situation: Evaluate and discuss possible solutions with your former partner when it comes to your mortgage situation.
  • Consult A Divorce Attorney: When contemplating divorce or facing complex issues, seeking legal advice from a specialized divorce attorney should always be your top priority.
  • Plan Your Finances: For financial security after divorce, create a comprehensive post-divorce financial plan that allows you to manage mortgage payments and expenses on your own.
  • Investigate Government Programs: Explore government programs that could offer financial support in times of difficulty.
  • Seek Emotional Support: Divorce can be emotionally taxing, consider seeking support from friends, family members, or therapists during this difficult period.

Divorce can be an emotionally charged journey, but with proper support and advice, you can navigate its complexity more successfully and move towards a brighter future. Early legal consultation is often key in reaching an amicable resolution that both parties agree upon. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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