When going through a divorce, the #1 issue for most spouses is their minor children. In terms of inanimate objects, though, the most valuable asset with which most divorcing spouses must deal is the marital home. Obviously, one of the last things you want is to have your name on the mortgage if your spouse is the one remaining in the home after the divorce. No one wants to be attached to a debt for a home they have no legal right to occupy. There are ways to safeguard yourself financially, both before and during a divorce. One of those ways is by retaining a knowledgeable South Florida family law attorney to make sure you are fully protected.
Refinancing a marital home after a divorce can be a particularly tricky thing here in South Florida. Given the area’s tendency to undergo large fluctuation in home prices, the marital home you’re seeking to address may have a ton of equity, or it may be underwater (meaning you owe more than it’s currently worth.)
Often, when two spouses divorce, one will desire to keep the house. The other spouse, in order to protect him/herself, will insist that the spouse staying in the home refinance the outstanding mortgage loan to finance the property in the receiving spouse’s name only. However, given the complexities of the mortgage lending industry and the volatile value of South Florida real estate, refinancing may be easier said than done. So, you may wonder, what happens if your ex-spouse got the house, but your name is still on the mortgage? That was the quandary faced by one Palm Beach County spouse in his divorce case recently.