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How a Mortgage May Be Addressed When You Separate

In Separation & Divorce by Elizabeth Stephenson

Besides your retirement accounts, your marital home is likely the most valuable piece of property you own. You’ve likely invested a massive share of your savings and income to build equity in this important investment. When couples separate and divorce, this home becomes one of the big issues in settling the division of marital property. One of the important details, however, when figuring out how the home will be divided is what happens to the mortgage? That’s right. While a house is a giant asset, your home mortgage is one of your biggest monthly expenses. Therefore, it is important to understand the options available to address the mortgage in an equitable distribution proceeding. One Spouse Gets the Home A common scenario is for parties to agree, or for a court …