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Before You Fight to Keep the Home, Determine Whether You Can Afford Its Financial Future
​Keeping the marital home can provide stability during divorce. It can also create long term financial pressure when the equity buyout, mortgage, taxes, maintenance, and household expenses have not been fully analyzed.
The Problems
An equity buyout is not simply the home’s value minus the mortgage divided by two.
The actual decision may involve:
01.
​Property value and mortgage balances
02.
Home equity lines, liens, or other obligations
04.
​Will the departing spouse receive a written release of mortgage liability?
05.
​​How will the equity buyout be completed if the assumption does not provide additional funds?
03.
​Each spouse’s agreed ownership interest
06.
​​What happens if the assumption is denied?
​A divorce agreement can require an assumption, but it cannot force the mortgage servicer to approve one.
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