While the holidays are a time of joy and celebration for many people, you may be one of the residents in Nebraska who is facing the tough decision about whether to end your marriage or stay in it. This choice is often faced at the holidays and when in the midst of decorating your home, the last thing you may want to think about is giving up your home if you get divorced. This feeling quite frequently leads spouses to work very hard to keep their homes.
The Mortgage Reports indicates that despite your emotional tie to your home, you should exercise great care in making this decision. If one spouse really wants to keep the house, that person should then refinance the mortgage so that it is in their name only. Even if you have a quit claim deed that transfers ownership of the home to one person only, a joint loan will remain the liability of both people.
If it is not possible for that spouse to get a loan on their own, selling the home may be the wise decision. This avoids the potential that the person who keeps the house ends up not being able to make the payments and the other spouse being on the hook for the payments. Any late payments or foreclosures would also go on both people’s credit reports.
This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Nebraska some ideas of their best options regarding their home and the potential pitfalls of different decisions.