Divorce and Your Mortgage

Married couples often combine their financial lives into one. Combining two incomes makes it easier to afford things neither person could manage individually, such as a mortgage loan for a house. Although it may be easy to make the mortgage payments in full using both incomes, a divorce can make the debt difficult or impossible for one spouse to manage alone.

Mortgages are the largest debts most people are likely to handle, but mortgage payments are absolutely crucial for keeping a house. Millions of Americans have had their homes foreclosed by the bank for failing to make payments, and missed loan payments of any kind will have a negative impact on your credit score. That in turn can make it much more difficult to get loans on good terms in the future.

If you and your spouse are considering a divorce, deciding how to handle your shared mortgage should be one of your highest priorities. Many couples find it is easiest for both spouses to move out of the house, putting it back on the market. Unfortunately in today’s real estate market that does not always work well, and couples with roots in their community may find leaving a difficult process.

Contact Us

Regardless of how intricate your divorce case may be, an experienced legal representative can help you work through all the details to create a plan that suits the needs of you and your spouse alike. To discuss your case directly with a lawyer, contact the experienced Boca Raton divorce lawyers of Eric N. Klein & Associates, P.A. today by calling 561-353-2800.