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Why do so many people sell homes in a divorce?

On Behalf of | Apr 29, 2018 | Firm News

Have you and your spouse been contemplating getting divorced? If so, you are not alone despite how it may feel as many others in Pennsylvania have either been in your situation are are currently. Among the many things you may be wondering about is where you might live after you get divorced. It is natural to want to try and stay in a home where you are already established and comfortable, especially if you have young children at home. However, doing so might not be your best bet.

As explained by The Mortgage Reports, you will want to carefully assess your ability to get a new mortgage in your name only. If you do not do this, you will remain financially tied to your former spouse even if your divorce decree names you as the party responsible for the home.

On the other side of things, if you leave the home but your spouse stays in it and is supposed to make all payments, you could be on the hook for any payments they miss if your name stays on the mortgage. Similarly, your credit score can take a hit if they miss payments. The bank will not care what your divorce decree says, only whose names are on the mortgage. Mortgages and homes are distinctly separate items in their eyes.

This information is not intended to provide legal advice but is instead meant to give divorcing or separating couples in Pennsylvania an idea of the nuances involved with homes and mortgages when they go their separate ways.

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