Divorce and Your Mortgage

Many couples choose to pool their finances together when they get married. Combining your bank accounts and debts can make it easier for both spouses to contribute towards shared financial burdens. However, should the spouses later choose to get a divorce, the financial obligations that they built up during the marriage can be difficult to untangle.

One of the most perilous shared debts is a mortgage. Mortgages are the largest debts most people will encounter, which means that spouses often pool their resources to make mortgage payments, rather than relying only on the income of one of them. When these couples decide to divorce, it can be difficult to find an arrangement that works for them without the help of a lawyer.

In many cases it’s simply best just to sell the house, so that the two spouses can part without one of them having to take on the full burden of a mortgage. By selling the house, the complexities of shared debt can be reduced. In some cases-such as when the spouses have children and want to keep them in the same house they grew up in-spouses might decide it’s best for one of them to make alimony payments to the other to help offset the mortgage.

Contact Us

If you and your spouse are considering a divorce, but your finances are tied together, a divorce lawyer can help you figure out a plan that works in the interests of you, your spouse, and your family. By beginning to plan your divorce early, you can make the process as easy as possible. The experienced Oceanside divorce lawyers of Fischer & Van Thiel, LLP are here to help you. To discuss your case with an experienced attorney, contact us today at 760-722-7646.