Going through a divorce for any reason is difficult even in the best of conditions. A New York Family Lawyer also claims that when couples have purchased property together and has both names on a mortgage that these conditions become even more problematic. Allow us to explain.
Although many divorce settlements include provisions that married couples, who have purchased a home together, must sell the home outright and the couple divide any proceeds of that sale between them after the vested interests in that mortgage have been paid. Another common scenario is that if either of the parties desire to keep position of the home that they buy the other party’s share. Either of these scenarios are normally carried out within months of the couple’s divorce.
However, there is a potential problem with one party simply buying out the other party according to a Brooklyn Custody Lawyer. That does serve to remove one of the party’s from the deed or title, but it does nothing to remove their name from the mortgage. It’s a fact that there is a little known option to avoid the additional costs and problems of refinancing that a mortgage lender may or may not allow—release of liability.


