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What happens to the mortgage after a divorce?

When two people get divorced in Colorado, they need to decide what to do with their marital home. For many couples, their house is the biggest asset that they own. Here is a look at your options for dealing with your home after a divorce.

If one or both of you is still living in the house, you can choose to do nothing and just keep the mortgage in both your names. However, Bankrate points out that this means that you will both continue to be responsible for making the payments. Missed or late payments will reflect badly on you both and may affect your future financial health.

If neither of you wants to stay in the home you shared, another option is to sell it and split the profits. This is often the least messy choice. However, it may be complicated if you owe more on your mortgage than the house is worth. How much you can get for the house will depend on the housing market in your area.

If one of you chooses to remain in the house while the other moves out, it may be wise to refinance the mortgage. If you are the one staying, this will mean that the financial obligation will belong to only you. You will also need to qualify for financing on your own. If you are the one leaving, a refinance will relieve you of any responsibility related to the house. This should not be considered legal advice and is provided as general information on this topic.

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