- When a married couple decides to legally separate, they are still responsible for jointly-held debt obligations. A separation agreement will outline which party will be in charge of paying the mortgage and bills related to the upkeep of the residence. A separation agreement can also stipulate that both parties will maintain equal interest in paying the mortgage.
- Refinancing the mortgage is a practical way for the remaining party to remove the other party from the mortgage. A refinance not only changes the terms and rates of the mortgage but can also change the name in which the mortgage is held.
- If one party wants to remain in the home, that party has the option to buy out the other party. Married couples can receive a court order to have the home's equity divided, but unmarried couples would have to verbally agree to this option.
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