Identifying Marital Property and Equal Shared Debt Repayments During a Divorce
Getting divorced is hard enough to deal with without the financial headache which often follows it. Many people find themselves struggling with unresolved debts and mortgage troubles when they go through divorce proceedings.
So, what exactly happens to your mortgage when you get divorced and how can you ensure joint debts are repaid equally? Below, you’ll discover everything you need to know to ensure your divorce doesn’t leave you financially desolate.
How will it affect your mortgage?
One of the main worries you’re likely to have, is how the divorce will impact your mortgage. It’s important to note that you will still be required to pay the mortgage if it’s in both of your names. Failing to do so won’t just hurt your ex partner’s credit, it will hurt yours too. You also stand to lose the property if repayments aren’t kept up.
What you should do however, is contact your mortgage lender to let them know of the change in circumstances. You’ll need to let them know whether you’re likely to struggle to make the repayments. That way, they may be able to provide you with temporary relief from paying the full repayments. They may even provide a short payment break until the divorce has been finalised.
Try to reach an agreement
It’s always best to try to reach an agreement between yourselves regarding who will pay what. Unfortunately, however, this doesn’t always go to plan. A lot of divorce cases turn nasty because of financial reasons. So, while it is important to at least try to sort it out between yourselves, you also need to realise this may not be possible.
The importance of hiring a good lawyer
If things do turn nasty, or you’re having trouble communicating with your ex-partner, you’re going to need a good lawyer. A divorce lawyer with years of experience, can help you to decide on fair, equal payment terms.
They’ll know everything you can claim for and the legal options open to you financially. The amount of stress they can save you is well worth the cost!
Dealing with nasty surprises
While you’ll be expecting some financial implications, from the divorce, don’t be surprised if you end up having to deal with a few nasty surprises along the way!
There’s been an increase in the number of dirty tricks people pull during a divorce. From ex-spouses taking out additional money through their mortgage, to racking up large credit card debts in their ex-partners names; there’s a lot you need to watch out for if your divorce turns nasty. You may even discover a large debt you didn’t even know existed. Understandably these nasty surprises can be both upsetting and infuriating to deal with. This is another reason why hiring a good divorce lawyer is crucial. They’ll be able to help you deal with any nasty surprises which may crop up along the way.
Overall, getting divorced is never pleasant. However, it’s important to get on top of the financial implications as quickly as possible. If you haven’t hired one yet, now’s definitely the time to consider getting yourself a good lawyer.