If you are like thousands of people facing a divorce, you might feel it is very important to try and keep your home instead of selling it as part of your divorce process.
Keeping the home may be of particular value to you if you have young children. Staying in the home can provide kids with some stability. The benefit is that while so much else changes around them, at least one of the homes they will live in can be a constant and known entity.
Securing the mortgage
Before you rush into the decision to keep your house, you may want to take a moment to understand the financial matters that require your attention. As explained by The Mortgage Reports, you should make it a priority to secure a new mortgage in your name only. Alternatively, you may be able to request that your lender remove your spouse from the existing mortgage. In either case, removing your spouse’s name from the mortgage is the first step.
Ensuring full ownership
In addition to ensuring that your home loan is yours alone, you may request that your spouse sign a quit claim deed assigning full ownership of the property to you. This step is important so that your spouse is not pulled into financial matters regarding the house after your divorce is final.
Taking steps to keep your home can ensure you get all the financial benefits of being an owner if the time comes you choose to sell the home.