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Who pays the mortgage after a divorce?

On Behalf of | Dec 31, 2020 | Family Law |

When a high assets Beaumont area couple decide to get a divorce there are many things that they need to figure out. Asset allocation is one of the main focuses of a divorce and can be complicated, especially in high-asset divorces. A person may wonder who pays for the mortgage after a divorce is finalized. There can be several options a couple may choose in a Texas divorce.

Selling the home

Many times, a couple choose to sell their home as part of the divorce process and split the proceeds. This can be the cleanest option and dividing the equity allows both spouses to get back on their feet financially after the divorce is finalized.

One spouse remaining in the home

There are a few ways in which one spouse can remain in the home. The spouse who wants to stay in the home can buy out the other spouse’s share of the home and refinance the mortgage with just their name on it. Another option would be to have one spouse remain in the house with the kids for a specified amount of time, usually until the kids reach a certain age. This can help keep minimize the disruption of a divorce among the children.

Divorce attorney can be an asset

A legal professional who specializes in Texas divorce can help their client understand their options in a divorce settlement. An attorney understands this can be one of the toughest times in their client’s life so they will work to make sure their client’s needs are met both now and into the future.