Getting divorced is usually a sad time for most people who go through it, and as well as separating from the person that you were married to and each going your separate ways, there’s many other things to consider – such as what happens to the house that you both shared. Here are some options.
Houses on a Mortgage
If you’ve both bought your home on a mortgage in joint names, you will probably both have to continue paying anything that is left on that mortgage. If you explain the situation to the bank, they may be able to set up two separate monthly payments for each of you, although in some cases this isn’t possible. Your best option in this case is to get the advice of property settlement agents who’ll be able to advice you on the best course of action to take. If you sell the house, you may have enough money from the sale to cover the rest of the mortgage, before splitting the remaining amount between both of you equally, for more information, you can get redirected here.
Alternatively, many property settlement agents will advice that one partner buys the other’s share of the home, especially if that partner has children who will need a secure place to live, or is unable to move anywhere else due to work or family commitments. How you go about this will depend on your personal circumstances, check this great property lawyers.
If your home is rented and has a fixed term contract, you may find that you’ll both need to pay the amount for the home per month for the duration of the lease. Some landlords will be flexible and allow you to pull out of the contract early in the event of a divorce, however this isn’t always the case, so expect that you’ll have to continue paying. However, because you’re still tied to the contract this will allow one of you to live here once divorced, and many divorced people will continue to live in the house they shared with their former partner and just pay the rent themselves. Alternatively, if the rent is too high for you to afford and your former partner won’t pay their share once they’ve moved out, you could ask a housemate, friend or relative to move in with you to enable you to cover payments until the end of the lease. Another option would be to ensure that any spousal maintenance payments you’re entitled to will be able to cover the amount that you can’t afford on the rent per month of your home.