Kentucky property division may have parties considering mortgages
Divvying up property as part of divorce proceedings can sometimes seem contentious and cathartic. By splitting up assets, individuals may truly feel that the reality of moving on from a marital relationship has set in. However, those confronting property division issues in Kentucky will likely benefit by gaining an understanding of the process and learning how to address potential issues that may arise when dealing with the family home.
It is relatively common for couples to allow one of them to keep the home while the other finds a new residence. When this happens, some parties may think that they no longer have a mortgage obligation since they no longer reside in the home. This is not necessarily the case as the bank lenders could still go after both individuals when both names are on the mortgage loan.
In order to ensure that a person who has relinquished ownership of the home is not on the hook for mortgage payments, individuals may want to explore their options. It may be possible for one individual to assume the mortgage entirely, which would release the other spouse from any liability regarding it. Similarly, parties may have the option to refinance or obtain a loan modification (in specified circumstances) that would allow the home owner to take on all responsibility for the mortgage.
Even if property division seems simple, there are often underlying factors that need require consideration. Kentucky residents may want to ensure that they look at all property division decisions from various angles to better understand the future implications those choices could have. Enlisting the assistance of knowledgeable attorneys may help concerned parties fully assess their circumstances.
Source: themortgagereports.com, “Dealing with Divorce: How to Handle Your Mortgage When You Split“, Aug. 15, 2017