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.