Divorce is a challenge, even if you and your spouse are in agreement with many terms of your divorce. Commonly, dividing your marital property and debts is the hardest detail to tackle. If you own a house together and share a mortgage, it is possible that you are faced with thousands of dollars in debt that will need to be assigned. Addressing your mortgage is an important step in your divorce process.
How Are Mortgages Divided?
Florida requires that all marital assets and debts are divided in a way that is equitable and fair. Very rarely do couples receive equal shares of their shared property and liabilities. Unfortunately, you can’t split a house in half, but there are several options to divide your home during your divorce.
You and your spouse may be ordered to sell the house and split the proceeds and the mortgage debt. The court may also allow the home to be kept by either you or your spouse. Typically, when one spouse is awarded the marital home, they will also be responsible for the mortgage.
Get Legal Protection
If your mortgage lists both you and your spouse as responsible parties, you may have to take further action to protect yourself. Selling the house to pay back the mortgage can help release you from the obligation, but you can still be on the line if your spouse doesn’t pay their share. Additionally, if you do not receive the house in the divorce, you should ensure that your spouse is ordered to refinance the house in their own name, and the court issues a hold harmless provision in your divorce. A hold harmless provision protects you from your spouse’s non-payment if your name is still listed on the mortgage.
Speak With a Gainesville Divorce Attorney – (352) 480-0088
You don’t have to face the challenges of your divorce alone. At Swanson Law Center, P.A., we are committed to providing respectful and compassionate counsel to our clients, no matter what their family’s legal needs are. Our Gainesville divorce lawyers are here to provide the answers to your questions and help your case reach a satisfactory resolution.
Request a consultation today to learn more. Contact our offices online, or speak to a member of our team at (352) 480-0088.