The desire to keep a family home after getting divorced is not uncommon and is certainly understandable, especially if children are still living at home. If you are getting divorced in Florida and your spouse wants to keep your house to maintain stability for your kids, there are some things you should know so that you can protect yourself in the process.
As explained by The Mortgage Reports, it is important for you to separate yourself not only from the ownership of the home but from the loan attached to the home going forward. Despite what you may think, your divorce decree cannot do this for you. Your spouse will need to find a way to obtain a new mortgage in their name only or remove you from the existing mortgage. Lenders will pay attention only to whose name or names are on the loan documentation, not what a divorce settlement says.
If you remain on the mortgage, even after signing over your share of ownership via a quit claim deed, and your former spouse fails to keep up with the mortgage payments, you may be on the hook for the money owed. In addition, your credit score can take a hit due to missed or late payments. If your ex eventually defaults and the home goes into foreclosure, that would also be on your credit report.
This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Florida an overview of how they should protect themselves from future financial or credit problems if their spouse ends up keeping the marital home after their divorce?