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Post-divorce mortgage refinance

Homeowners in Georgia who have gone through a divorce should carefully consider how they handle their mortgage. In many cases, refinancing a mortgage once held by both ex-spouses may be the best decision.

A refinance of the mortgage allows both parties to protect their credit. Even if one spouse is buying out the other spouse, both parties will still be considered liable for the mortgage if the mortgage is not paid off, if the home is not sold or if the spouse fails to refinance the loan to remove the other spouse's name. It may be prudent for the divorce agreement to stipulate that the home should be refinanced within a certain timeframe after the divorce has been finalized and detail possible repercussions against the responsible spouse if he or she does not do so.

If one spouse is intent on keeping the home, the other spouse may be compensated in multiple different ways. The equity of the home can be offset by other assets, such as a majority of any retirement funds or bank account. The spouse who wants to keep the home may also offer to relinquish all rights to alimony in exchange for full ownership of the residence.

If a spouse insists on receiving cash for their ownership interests in the home, the other spouse may apply for a cash-out refinance. This type of refinancing uses the equity of the home to create a new mortgage that is larger than the existing mortgage.

A family law attorney may assist clients who are going through a divorce with resolving their property division disputes. The attorney may conduct investigations to ensure that the other party has no hidden assets. Litigation may be used to obtain fair settlement terms regarding retirement accounts, real estate and assets obtained during the marriage.

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Hecht Family Law
12600 Deerfield Pkwy
Suite 125
Alpharetta, GA 30004

Phone: 678-926-9234
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