When Mississippi couples file for divorce, there are many details that need to be discussed and one of those is the division of marital assets. Studies show that the divorce rate in the United States is on the decline, with one divorce for every two marriages. During these studies, couples state that one of the hardest and biggest decisions they made was what do with the family home, particularly if children were involved. If you own a home together, it is important to understand your options when it comes to your mortgage, and Bankrate has provided a simple explanation.
Your first option is to refinance the mortgage in one name. This means that either you or your ex now own the house and the other is released from responsibility when it comes to the mortgage loan. In this case, it is also important that they are removed from the title, so they do not benefit from any equity in the home when it is sold.
Another option is to outright sell the home, although many couples with children hope to avoid this. If both spouses cannot agree on the best course of action or neither can afford the house on their own, the only option may be to sell. In the long run, this may be in the best interests of the family as the mortgage is paid off, each spouse collects their share of any proceeds and both can start fresh.
If the divorce is amicable and the couple can keep to their commitments, one spouse may choose to stay in the home while both continue to make payments. This is risky because if one person decides to stop paying then the other is at risk of losing the home and bad marks on their credit score.
Every family is different. This means that what works for one may not work for another when selling a home and it is important that all options are discussed.
