Jump to Navigation
Protecting your financial interests during a Texas divorce

Saturday, May 27, 2017

During a divorce, it is important to know how a person can protect his or her financial interests, both during the process and long after it is finalized. Readers know that the end of a marriage can have a detrimental impact on one's financial stability, but with the correct knowledge, it is possible to circumvent some of the most harmful effects. One of the ways to do this is by making a smart decision about the mortgage during a Texas divorce. 

What happens to a mortgage during a divorce will likely have a major impact on the long-term financial well-being of both parties. It is thought that selling the home may be the best option as the spouses can split any profit that is derived from the home. This is an easy way to make a clean break between two people who have shared financial matters and money.

Another option is for one person to take over the mortgage. If that individual is able to afford the monthly payments, and is able to refinance the house under just his or her name, this is also a reasonable option. If the other party's name remains on the mortgage, it could cause future legal and financial complications. 

Other ways that a couple can deal with a mortgage during a divorce include a quitclaim deed, renting the property or living under the same roof. The best decision for a person facing a Texas divorce will depend on the unique circumstances of the individual situation. With legal representation and a complete case evaluation, a person can learn more about what options are available.

Source: Time, "What Happens to Your Mortgage in a Divorce", Ashley Eneriz, March 29. 2016

No Comments

Leave a comment
Comment Information