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Divorce and Mortgage Payments



Many couples who face the divorce process often feel overwhelmed by the number of decisions that need to be made regarding the equitable division of property, spousal support, child support calculations, and child custody schedules. One of the largest stressors is often the decision that will need to be made with respect to the marital home. Making a decision to keep or sell the marital home, or which spouse gets to keep the marital home, can be a large point of contention causing a great deal of conflict. Learn your legal rights and why you still have a responsibility to pay the mortgage payments on the marital home even if you are not living in it during the divorce process.

Understanding Mortgages

Your mortgage is the amount you pay every month to a bank or other lending institution on your marital home. If the marital home was titled and financed under the names of both spouses, then no matter the circumstances, unless that legal documentation is changed, both spouses still have a legal responsibility to make those payments. This is true even if one spouse moves out of the marital home, or if the house is granted to one spouse in the divorce. As long as the mortgage company still has both parties listed on the legal paperwork, both spouses are equally liable for the full amount of the mortgage every month.

Mortgage Options During and After a Divorce

As with every other issue that needs to be decided in the divorce process, the marital home often receives a great deal of attention due to the fact that it is oftentimes the largest asset a couple owns. There are options for you and your spouse to consider regarding how you want to handle this large asset. Some of the types of options you have regarding your marital home may include the following:

  • Refinancing Into One Spouse’s Name. In some cases, one spouse will have the financial means to refinance the remaining mortgage amount into their name independently. The ability to do this will not only rest on the spouse’s finances but on whether or not the mortgage company agrees to allow only one spouse to remain liable for the property. Remember, until this happens through the mortgage company, both spouses will still remain liable for the mortgage payments.
  • Selling the Marital Home. If neither spouse wants the marital home, or if neither spouse can afford the marital home, they may have to sell the home and then divide the equitable interest according to the divorce decree. This often happens when neither spouse can independently afford the marital home. Contact Professional New Jersey Child Custody Attorney to handle your case and we will make sure you win.

Contact an Experienced Family Law Attorney

If you are facing a divorce and are concerned about how to handle the division of the marital home in the divorce, and want to ensure that your legal and financial rights remain protected, contact an experienced New Jersey divorce attorney at Giro Law at 201-690-1642 to help you understand your legal rights.

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