Home Careers Contact Us
 
 
 
 
Dye, Deitrich, Petruff &
St. Paul, P.L.


1111 3rd Avenue West, Suite 300
Bradenton, FL 34205

Phone: (941) 748-4411
Fax: (941) 748-1573
Email: info@dyefirm.com
05/02/2012 - Dividing Your Home During a Divorce

Protecting Yourself When Dividing Your Home During a Divorce.

When comparing the process of divorce from 2005 and 2012, the emotional climate remains the same but the financial climate is very different. Particularly when trying to divide or sell the primary marital home. In the days of the housing boom a couple could place a "For Sale" sign in the lawn and receive multiple offers above the asking price in a few weeks. The couple would split the profits and be able to move forward. The reality of today is that many couples' homes will not sell for enough to pay off their bank loan (much less have any profits to split). The result is either the husband or wife must remain in the home while the other moves out.

It is important to note that removing a person from the title of the house does not remove them from the mortgage on the home. These are two different processes. Removing a person's name from the actual title of the home is a relatively simple process. However, removing a person from a mortgage is not. To remove a person from a bank home loan the bank must be willing to refinance the loan in just one of the spouses' names. In our current economic climate, many banks are unwilling to refinance a loan in this situation, and the spouse who agreed to move elsewhere can still ultimately be held responsible if the mortgage is not paid. If working with an attorney, it is important to ask about ways to protect yourself if you move out of the primary home but your name remains on the mortgage. In drafting a settlement agreement an attorney should include express language of what debts each spouse has agreed to pay, and language that each spouse will hold harmless the other spouse if they default on their obligations. For more information or assistance in handling divorce proceedings please call us at 941-748-4411.