Divorce Costs: Problems with Keeping Your Name on the House

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When people think about divorce costs, the things that typically spring to mind are pretty common: fees for lawyers and filing paperwork, alimony, child support. Everyone knows about those costs and a good Orange County divorce lawyer will tell you to expect them to some degree or another going in.

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As I began to describe in the video above, though, those aren’t the only costs you can expect. One of the biggest potential costs can come if your spouse gets the house and your name is kept on the mortgage. There are ways to get out of it that I go into detail on in the video, but just in case you can’t see why it’s important to get your name off of that mortgage, I wanted to outline some of the bad things I’ve seen happen in this situation.

Divorce Costs: How Having Your Name on the Mortgage Can Hurt You

There are a number of bad situations that can potentially happen to you if you aren’t able to get your name off of the mortgage and your spouse now lives in the house without you.

You won’t qualify. Getting a loan these days is tough enough, but if you’re already on the hook for your spouse’s mortgage and attempt to get one for a house of your own, it’s going to be even harder.

You’ll have to pay. If your spouse can’t make the mortgage payments for some reason and you don’t want it to negatively impact your credit, you may find yourself paying for a home that you don’t even live in anymore!

Your credit will nosedive. What if you can’t make your spouse’s payments and afford a place for yourself? Or if your spouse just doesn’t tell you when they stop paying and you learn about the problems with the mortgage too late? It won’t look good for your credit if “you” have a lot of late payments or the bank tries to foreclose.

Avoid These Divorce Costs by Working with a Knowledgeable Attorney

The best way to avoid these problems is by working out one of the solutions mentioned in the video and involving your Orange County divorce lawyer to ensure that the process is followed correctly. Trust me when I say that these are not divorce costs that you want to incur.

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