Sharing a Mortgage During Divorce
November 4, 2015
An interesting article in the New York Times regarding shared mortgages: click here.
Both spouse’s names on the mortgage routinely provides complications in a divorce. The article wisely advises to get started on the refinance sooner rather than later. In many cases, the party wishing to stay in the residence will discover that they cannot afford it alone and the parties end up selling the house.
In other cases, where a refinance is possible, the paperwork takes longer than expected. So the spouses may still be financially tied even after divorce.
It’s a difficult process that adds to the stress of the divorce.