When you and your spouse are divorcing in Clinton Township, Michigan, the equitable division of marital property is determined in a way that a judge determines is fair for each of you based on your individual income, previous standard of living and other factors. It is often a good idea to sell your home so that the asset can be divided more easily between you. At the Law Offices of Lorrie J. Zahodnic, we understand that when you agree to give up the house and mortgage in exchange for other marital assets, there may still be future issues if your name is still on the loan.
In the event that there are payments missed on the mortgage, you may still be pursued by the loan company if you have not taken steps to remove your name from the title. One relatively simple way for you to be free from the responsibility is through refinancing the mortgage. For this to be an option, your ex-spouse must have the following:
- Stable income
- Good credit
- Sufficient equity in the home
It is a good idea to include a quitclaim deed when the home is refinanced. This legal document transfers your interest in the property to your spouse. You should also be compensated for your share of the equity in the home, since it is considered marital property.
If at all possible, it is best to be able to come to an agreement with your spouse on the plans for your home and mortgage before you go before the judge. For more information on the factors involved in the equitable division of your family home, visit our website.