Divorcing is often a major decision for any married couple in Indiana. However, getting divorced can bring about new challenges requiring difficult decisions. One situation is what married couples decide regarding their marital home’s mortgage.
Having one person pay the mortgage
A divorce doesn’t have to mean both parties walk away from their former marital property. Regardless if it’s you or your former spouse, the person wanting a mortgage buyout must ensure this is a financially feasible decision. Neither party should attempt a mortgage buyout if they can’t afford to live in the marital home.
Selling the marital home
Sometimes, both parties in a divorce want nothing to do with the home they shared. Whether that’s the case or it’s financially impossible for either party to continue living in their former home, selling the property can be smart. In this situation, a divorcing couple would use the proceeds from selling a home to put towards paying off its remaining mortgage.
Co-owning the marital property
Divorcing doesn’t mean a couple has to sell or move out of a marital property. While it’s not for everyone, some divorcing couples prefer to remain co-owners of their home. This situation can involve couples alternating when they stay in this house. A divorced couple may also choose to live in a marital home at the same time. In most cases, this third option is helpful for formerly married couples with children.
Determining a marital home’s future isn’t something to take lightly. If possible, it’s worthwhile to ensure that you and your ex-spouse are on the same page about plans for a formerly shared marital property.