Is your name still on the title of your family home?

On Behalf of | May 15, 2017 | High Asset Divorce |

Letting go of the family home in Naples when you divorce may have been an emotional decision, but keeping it often creates financial struggles for the one who stays once he or she goes from two incomes to one. However, choosing to be the one who moves out does not guarantee that you are free and clear. The Washington Post notes that as long as your name is on the deed, you are still the co-owner of the property. This has the potential to lead to serious issues for you.

Although the divorce decree indicates that your former spouse is responsible for the home, you could face some unfair consequences because of an accident unless there is adequate liability insurance. For example, if your ex has a party and someone trips over a flagstone in the garden, you could be forced to help pay for the medical expenses. Even if the two of you face a lawsuit and the plaintiff loses, the experience could still cost you money in legal fees.

While your name is still on the title and the mortgage, your good credit could suffer if your former spouse does not keep up with the loan payments. To free yourself, you may want to ask that the divorce decree requires your ex to refinance or sell the home. Either way, you will no longer be responsible. This information about giving up the house in the divorce is provided for educational purposes only. It is not intended to be taken as legal advice.

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