Should I Let My Spouse Keep Our Family Home?

If you and your spouse in Florida have decided that you can no longer remain married to each other, you must now embark on the journey that involves figuring out the details of your divorce settlement. If you own a home, this means that the two of you must choose what to do with that property and its associated home mortgage.

It is not uncommon for at least one spouse to want to keep a house after a divorce. If you have young children, this can be especially important as you may want to keep as much consistency as possible for your kids. However, before blindly allowing your spouse to keep the house, Bankrate recommends that you deal with the mortgage in a way that effectively eliminates you from any financial liability. 

If your name remains on the mortgage, even if you sign a quit claim deed handing over full ownership of the property, your lender can still consider you liable for the debt. Your credit can take a hit if your former spouse is late on any mortgage payment. Therefore, if your ex wants to keep the house, they should find a way to get a new loan in their name as this is the only way to protect yourself.

This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Florida an overview of the factors they should keep in mind when considering let their spouse keep a family home after a divorce.