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Why keeping a home in a divorce may not be wise

For many people in Texas, the thought of giving up their home in a divorce is one of the hardest things to accept. This is understandable as a home is very personal and can have a lot of emotion attached to it. It can also represent some sense of security, especially for families with small children. However, emotions are not the best things on which to base important financial decisions and giving in too quickly to the urge to keep a house when getting divorced can end up causing bigger problems down the road.

As explained by The Mortgage Reports, if a couple chooses to allow one partner to remain in the home, that person should ideally get a new mortgage in their name only. However, obtaining a new or refinanced loan during or after a divorce is often easier said than done in part because of the hit that one's credit score can take as part of a divorce let alone the natural reduction in income common when a marriage ends.

If this does not happen and the couple agrees that one person will be responsible for the mortgage, the other spouse is taking a big risk as they will remain financially liable for the mortgage. Time Money explains that this will be the case even if the pair signs a quit claim deed signing over ownership of the home to the spouse said to be responsible for the mortgage. The bottom line is that mortgages and homes are really separate things.

At the end of the day, working through the emotional side of things to make the prudent decision to sell a family home when getting divorced may be the best thing in the long run.




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Law Office of Randy Michel
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College Station, TX 77840

Phone: 979-314-2965
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