{"id":5119,"date":"2021-12-23T03:00:11","date_gmt":"2021-12-23T11:00:11","guid":{"rendered":"https:\/\/www.arwanilawfirm.com\/?p=5119"},"modified":"2021-12-22T07:43:21","modified_gmt":"2021-12-22T15:43:21","slug":"how-to-divide-marital-property-when-mortgage-is-involved","status":"publish","type":"post","link":"https:\/\/www.arwanilawfirm.com\/how-to-divide-marital-property-when-mortgage-is-involved\/","title":{"rendered":"How To Divide Marital Property When Mortgage Is Involved?"},"content":{"rendered":"

Diving property in a divorce is always complicated and confusing, especially when a mortgage is involved. If your marital house has a mortgage, you may be facing plenty of challenges during the property distribution process. That is why it is advisable to speak with an Orlando property division lawyer<\/a> to determine how your home should be divided when it has a mortgage.<\/p>\n

Can You Remove Your Spouse\u2019s Name from the Home Title?<\/strong><\/p>\n

Many people do not understand that removing a spouse\u2019s name from the home title is not the same as removing their name from the mortgage. The first process is known as title transfer, while the second is called mortgage refinancing.<\/p>\n

While you can remove your spouse\u2019s name from the home title through a title transfer, it will have no impact on the mortgage. Removing a spouse from title does not remove them from the mortgage lien if the loan is in both spouses\u2019 names.<\/p>\n

What Happens if You Do Not Remove Your Spouse from the Mortgage?<\/strong><\/p>\n

If you think that there is nothing wrong with keeping your name on the mortgage, it is vital to keep in mind that your credit score will take a hit if your former spouse fails to make mortgage payments on time.<\/p>\n

If you and your spouse reach an agreement regarding mortgage, your divorce settlement agreement should clearly state the following:<\/p>\n