Kevin Qualls Family Law
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Mortgages can be complex part of Orange County property division

When a couple in Orange County decides to get a divorce, they might have many different questions, especially surrounding property division, which can be one of the more complex aspects of a divorce. If the couple going through a divorce owns a home, they might be unsure what will happen with their home. Will they have to sell it? Who should live in it?

The answers to these questions might depend on each person's financial situation and what their finances will look like after a divorce. Sometimes the family's home is under water, making a sale difficult. In other cases, one person might want to stay in the house, and the other person doesn't want it. All of these variables will weigh into the outcome of the property division.

If the couple's house isn't under water, or they could come up with the remaining amount on the mortgage after a sale, selling might be the easiest option. However, there are ways to transfer ownership of the property to just one spouse. These options should be considered with care, as it might leave the other spouse still liable if payments aren't made or the home is foreclosed on.

An experienced attorney can help a person understand their options regarding property division, and can explain how a mortgage assumption or refinancing a mortgage might be able to help transfer the ownership of a home to one person. These options will likely require a person to be able to afford to make individual mortgage payments and will require the lenders approval.

Source: Loan Safe, "Mortgage Options While Going Through a Divorce," Evan Bedard, July 14, 2013

Kevin Qualls Family Law
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