Divorce Law

The Mortgage Loan AKA The Biggest Liability

The equitable distribution laws of Florida do not just apply to assets and property. But also to debts and liabilities. The most significant liability of many marriages is the mortgage on the family home. How can you go about splitting up this liability?

The most comfortable option is to sell the house and split the proceeds. This option makes sense and will usually be in both spouses interests. But the biggest obstacle here is actually selling the home. The housing market today will not make it easy to sell off your house for what you think it’s worth. But if this is a possibility, your Orlando Divorce Attorney will advise you to go for it.

The next option is to refinance the mortgage. In this case, one spouse should be willing to keep the house while the other is ready to let go. The spouse looking to keep it should be able to keep up with the mortgage payments. This spouse has to be able to qualify for a refinance with their income and credit score. This option also is available but not for all. The mortgage was initially obtained by both and getting one to qualify for a refinance is not easy.

When both those options are not available, couples have to stick with the original mortgage. That’s never the best option as you have to expect the other spouse to keep up with the mortgage payments.

Are you wondering about what to do with your mortgage? Consult your Divorce Attorney right away to get the best legal advice for your situation.

Orlando Divorce Attorney, Erin Morse is ready to give you the best legal counsel for your divorce matters. Contact the Law Office of Erin Morse now to find out more. Call her office to get the best lawyer in town for your case.