A divorce takes a toll on your emotions but also brings about major changes in your finances. The more assets you and your former spouse accumulated together, the more difficult it will be to divide these assets at the end of your marriage. It can be challenging to come to an agreement about who gets what even if you both agree that divorcing is the best option. If you’re a Rhode Island resident, here are some important things you should know about property division.
How divorce affects your mortgage
Even though you have decided to end your marriage, you and your ex are still required to pay the mortgage on your marital home. If you and your former spouse applied for the mortgage, you are both liable for paying the mortgage every month. However, when it comes to property division in terms of your mortgage, there are a few things you can do to resolve this.
Options for paying your mortgage after divorce
In most cases, you can choose from one of these three scenarios when it comes to property division concerning your mortgage. These include:
- You can sell your home to a third party and split the profits with your ex.
- One spouse can purchase the home and refinance the mortgage so that the other spouse is no longer financially obligated to pay the mortgage.
- One spouse stays in the home while depending on the other spouse to continue paying the mortgage. This often happens when one spouse is primarily responsible for caring for the children.
There’s no “right” answer when it comes to handling the division of assets and property in a divorce. It is best for every couple to reach an agreement that works for their family.