Solving financial matters and claiming child custody are two most important affairs to crop up during legal separation. Financial matters also include mortgage clearance, something which cannot be overlooked or neglected while filing divorce.
Unfortunately, there are not many alternatives available while sorting out the financial matters related to property, mortgage and debts. But, there are few important tips to help those facing legal intricacies while dissolving mortgage owing to separation.
Solve issue amicably
Divorce is a real bad and painful phase of life. To work out on mortgage could bring further disagreements in an already strangled relationship. The best way to solve this issue is by distributing liabilities amicably with the consent of both the spouses. The stubborn and uncooperative attitude of either of the partner could only worsen the situation.
Do not procrastinate the issue
Many a times, it is seen that the eagerness of separation makes couple focus too much on the legal paper work. The impatience makes them unable to foresee the future complications arousing due to unsolved mortgage and debt issues.
Avoid retaining the mortgage
It is seen that people often decide to hold back the mortgage liability, assuming that either one of the spouses would be able to maintain its payment. But, to save mortgage in divorce is indeed a highly speculative situation and might drag the couple into legal charges.
Since, in case of failure in mortgage payments, the lender has the right to approach either of the ex-spouses. Again, holding back one mortgage makes it all the more difficult to apply for a fresh one.
Choose the easiest option
The easiest way for getting out of the mortgage in a divorce is to sell off the fixed assets. It is always recommended for the separating partners to do away with the things they bought in their happier times, for instance, property or other assets. Selling off the property and utilizing that money for paying off the mortgage balance is the best method recommended during separation.
As a final point, mortgage problems in divorce are serious issues that could not be delayed under any circumstances. Again, whatever conclusion the couple may arrive at, it is better to record the matter in the stamp paper to avoid future complications.
