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Mortgage realities during a divorce

17848843_S.jpgDivorcing spouses in Kansas who own a home together must at some point in their settlement discussions decide what they will do with their marital home. The emotional tug to keep the home can be quite strong, especially for families with young children. The ability to allow kids to stay in their original home at least while they are with one of their parents can provide some stability for them. This, however, may not be the best decision from a financial perspective.

As explained by The Mortgage Reports, if both people's names remain on a mortgage, then both parties remain financially liable for the debt. If one person wants to stay in the home, they should find a way to refinance and get a new loan in their name only. This is truly the only way to eliminate the other spouse's responsibility for the home loan.

According to Bankrate, a quit claim deed may be used to transfer ownership in the property from both parties to one party only. This, however, does not address the mortgage as the mortgage is viewed as separate from the property in the eyes of the lender. This means a person who signs over their portion of ownership may still be on the hook for the loan if their name remains on the mortgage attached to the home.

Several factors will play into whether or not one person can qualify for a solo loan and the changes implemented this year to the alimony and tax laws may complicate that for some people.

 

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