One of the biggest struggles for many divorcing couples is determining which party, if any, will get to keep the marital home and how the finances can be arranged to make it happen. When you and your spouse share a mortgage on a home, ending one party’s responsibility is not usually as simple as taking his or her name off of the note. If you are intending to keep the home, transferring the mortgage into your name alone is a process that may take months or even years, and preparation is absolutely vital.
Review the Feasibility
Before jumping in, you need to take an in-depth look at your post-divorce financial situation. If you are like most people going through a marital dissolution, it is important to keep in mind that you will be required to support yourself—with or without some help from spousal maintenance—on a single income. You will want to make sure that you can not only afford the mortgage payments, but all of the expenses associated with owning a home as well, including taxes, utilities, repairs, insurance, and more.
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