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Even after divorce, the home may still be a concern

Finally, the details have been worked out and finalized. Decisions regarding the division of property have been settled, and the paperwork has been filed with the California court system. At this point, it seems as if the major divorce concerns have been addressed. However, there are some items that may linger.

One item that can be a challenge to finalize has to do with the family home. Many times, the family home's deed and mortgage is held in both names. However, once the divorce is finalized, it is likely that only one of the individuals will retain the home. Unless the home is sold, the other individual would probably prefer that his or her name not remain on the deed and mortgage.

It is not always a given that the home will sell within a reasonable time period. Depending on the location of the home and the real estate market in that area, it can take time for the home to sell. During this time, if both parties are on the mortgage, they are both responsible to see that it is paid.

Additionally, if one spouse keeps the home as part of the property settlement but financing is in both names, it may be advisable for that individual to refinance the home. This will allow the individual to have sole possession of the home and sole responsibility for payment of the mortgage. However, this assumes that the individual has the income and credit available to qualify for a new loan.

For many California couples, the home is an important consideration in the divorce settlement. In addition to emotional decisions regarding which party should get the home, financial ability should also be taken into consideration. Experienced legal counsel can help analyze the situation and help decide the best way to proceed.

Source: washingtonpost.com, "How to remove your name from a house deed after a divorce", Ilyce Glink and Samuel J. Tamkin, Feb. 6, 2017

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