One of the main issues that married couples face during a divorce proceeding is dividing assets, especially the home they once shared. Generally, married couples purchase their home jointly. This means they obtain their loan from the bank and place the title to the property in both of their names. When a married couple files for divorce, one of the largest assets they will have to divide is their home. If the married couple is unable to peacefully deal with and divide their home, they may face foreclosure.
If you and your spouse jointly own your home and you are planning to file for divorce, it is important that you speak with an experienced divorce attorney in Central Valley to determine what your options are. With the right plan of action, you may be able to avoid foreclosure of your home.
Your Options to Prevent Foreclosure After Divorce
Avoiding foreclosure of your home should be a top goal during your divorce. The best bet to avoid foreclosure of your property during or after divorce is for you and your spouse to decide as early as possible on the following points:
- Whether you will be keeping or selling the home
- Whether you will pay off the mortgage
- Whether you will split the remaining profit
Your options for foreclosure may differ depending on how you decide on these important issues.
Keeping the Family Home
If you or your spouse decide that you want to keep your family home, you need to take the important step of transferring ownership of the property from a joint title to a single title. Some options available to prevent foreclosure include:
- One spouse assuming the mortgage and taking over the responsibility of the loan
- Refinancing your home and putting title in one spouse’s name only
- Restructuring the loan for a more affordable payment
Most of these options require both spouses to come to an agreement as to what should be done. Unfortunately, if you and your spouse cannot agree on how to move forward, you may lose your house to foreclosure. Legal intervention may be necessary to avoid losing your home.
No One Wants the Home
In some divorce proceedings, selling the home may be the best option. This may especially be true if making the mortgage payments on a one-income salary will be difficult. In other instances, keeping the home can carry unwanted emotional baggage for the spouse who remains there. Selling the home and paying off the mortgage can free you and your spouse from having it foreclosed upon and negatively impacting your credit even further.
Call an Experienced Central Valley Divorce Attorney
If you are going through a divorce or are planning to file for divorce in the near future, you need to hire an experienced divorce attorney to help protect your legal rights and make sure this already traumatic experience proceeds as smoothly and painlessly as possible.
For more information or to schedule a complimentary consultation with Central Valley divorce attorney Gurjit Srai, please call us at (209) 323-5558 or (559) 314-2796, or complete our online form.