What to do with the House After a Divorce

Most newly married couples buy a home together, and some marriages unfortuantly fall into a divorce. Then both partners want to continue living in the house, but cannot agree on the terms of who gets to stay. Sometimes they compromise and get a dovrce decree which one partner can sell the house and split the proceeds, or they can buy the other out in a period of time.

Often times when on spouse moves out and another stays, the one who stays doesn't end up staying for very long. In one situation the person who stayed ended up refinancing the mortgage. Since the person who stayed refinanced and moved out shortly after, stopped paying the mortgage, they file for bankruptcy. So since the house is in both names at the time of the purchase, does this mean one person will lose the investment in the house.

Answer: The good news is only one person refinanced the house in THEIR name only. One possible solution is for you to start making the mortgage payments for your ex-significant other, and let them sign the deed over to you. If you do this, you need to understand what value, if any, the house has left. The last thing you want to do is to take responsibility over a house that is already "underwater". The first step should be to get an appraisal on the house.

If your ex-spouse doesn't like this situation, you can probably sue to start making payments. But then again you don't want to spend more than the house is worth.

However, the best thing to do is to discuss this situation with your divorce attorney to find out how many options you have and which one is the best for you. They will also tell you how much this process will relatively cost.

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