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What will you do about a joint mortgage when considering divorce?

Coping with all the decisions that have to be made during a divorce is known to be stressful. A divorce commonly impacts every aspect of an individual's life and requires careful consideration. One complication that may arise when California couples -- that have a joint mortgage on their residence -- are considering divorce is converting it to an individual mortgage.

If one spouse wants to retain ownership of the property, he or she will likely have to apply for a new mortgage. When the bank or lender considered the original application, the income, credit history and credit scores of both spouses would have been considered in the qualifying process. The mortgage holder is not likely to agree to simply removing one spouse's name from the mortgage.

When submitting a new application in the name of only one spouse, only that person's income and credit score will have to meet the qualifying criteria. However, the applying spouse will be able to shop around for the best available interest rate. If the application is unsuccessful, the ownership of the property may be addressed in the separation agreement, but if the spouses fail to reach an agreement, it will be up to the court to make a decision about the property.

California couples that are considering divorce may benefit from consulting with an experienced divorce attorney. Such a professional will inform couples about their legal rights, and after assessing their circumstances, he or she will suggest ways to resolve the issues. By utilizing the resources available to legal professionals, the stress of navigating the legal procedures may be significantly reduced. For details about the ways we can provide assistance and support, you may visit our divorce website.

Source:, "After a divorce, how do I take on our mortgage solo?", Leigh Kamping-Carder, Dec. 15, 2014

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Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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