After a divorce, transferring the marital home can become a mine field
of financial woes. Sometimes the divorce judgment won't specify the
date by which a house has to be refinanced. Also, some poorly put-together
divorce judgments don't designate what happens in the event that the
receiving spouse is unable to obtain a new mortgage or does not want to
get a new mortgage. In these situations, individuals may need a lawyer
to step in and work everything out on a legal perspective.
Sometimes, one spouse receives the home and may even agree to finances
the home but fails to do so. This can also cause serious concerns and
complications. Vacating spouses have the ability to execute a quit claim
deed which allows a spouse to have the sole title of the home. This may
sound like a smooth transition, but it can lead to complications because
the vacating spouse may be unable to buy a new home. This is because the
old mortgage has not been refinanced on the old home.
In some cases, the spouse who remains in the home may default on a mortgage
and go into foreclosure. This can ricochet to harm the ex-spouse who may
have his credit affected. If you want more information about transferring
the marital home, don't hesitate to contact an attorney at the firm
right away. With the right lawyer there to assist you, you will be able
to work through complications with property division and organize a satisfactory solution.
Better yet, you may be able to create a satisfactory divorce settlement
which already accounts for issues with transferring the home. This settlement
can contain provisions just in case things don't go as planned. Contact
Claery & Green today to draft a
divorce settlement which will provide for all of these different issues.