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Reassigning mortgage payments during a divorce

On Behalf of | Jul 28, 2018 | Property Division |

One of the most complicated parts of divorce for many Texas couples is having to work through the separation of their assets and finances. In many cases, determining which person is going to keep the house, is one of the most complicated and contentious decisions to be made. Many couples still owe money on their home thus complicating matters further when mortgage payments have to be reassigned to a party who is willing to pay. 

According to Time Magazine, couples who choose to sell their home are often faced with the least amount of disagreement, contention and court battle. Rather than working back and forth and dealing with negotiation, their home is sold and the profits are split equally between both parties. However, there are times when people are not interested in selling their family home. In these scenarios, an agreement will have to be reached in regards to who will make payments and be responsible for maintaining the property. Some important suggestions people may consider include:

  • Waiting to finalize their divorce until all mortgage decisions have been made and signed.
  • Consider renting their property until they reach a point where selling would be beneficial.

When it comes time for people to make important decisions about who will be allowed to keep which assets, Live About reminds people that arguing over little things is not worth the added stress and contention. People who take the time to learn about how property is usually distributed and who consult with a mediator when making important decisions, are often much more successful in reaching agreements in a timely manner.