A couple of posts ago, I began this "series" called a "Divorce Checklist: Planning For A Divorce." We gave you a couple of tips to consider when planning for a divorce. Here is another practical tip concerning how to dispose of the marital home for you to discuss with your divorce attorney, as you plan for your divorce from your worthless spouse, "Sluggo!"
3. PLAN HOW TO DEAL WITH OR DISPOSE OF THE MARITAL HOME:
Let's assume that you and your spouse own a home together. In other words, both you and your spouse are "on the hook" to the bank for the mortgage. The common issue is: How do you dispose of a marital home when faced with the prospect of a divorce. There are several ideas for you to discuss with your own divorce lawyer. For example, if you want to keep the marital home, you should evaluate whether or not you can afford the payments and upkeep, (even when factoring in alimony and/or child support you should receive). Also, even if you want to keep the house, and kick Sluggo out, you will also need to consider whether or not you are able to refinance the home mortgage into your own name. In other words, as we have discussed before, the bank doesn't care whether you and Sluggo stay married or get a divorce. All they care about is that they presently have BOTH of you on the hook for the mortgage. And they aren't likely to let one of you simply walk away! Therefore, in order to truly get rid of Sluggo, but keep the house, you will need to consider refinancing the house into your own name. If you can't qualify for a refinance, then you might consider asking a qualifying parent to co-sign with you. In the alternative, if neither you nor Sluggo want or can't afford the house, then you should discuss the idea with your divorce attorney of selling the house and how to equitably divide the sale proceeds.
Every divorce is different. Every divorce presents special challenges. Some of these marital home scenarios might not apply in your divorce case. Therefore, it is important to emphasize that you should always discuss all the issues concerning how to dispose of the marital home with your own divorce attorney. Of course, how to properly deal with good ole' "Sluggo" is another important topic of discussion, too!