Phone: 866-300-4618; 586-772-6073

  • Blog
  • Online Newsletter

Divorce Doesn't Untie the Mortgage Knot

Often, when a couple separates and divorces, one spouse continues to live in the family home. Frequently, the departing spouse will simply quitclaim the property to the spouse retaining the home. When filed, the quitclaim deed takes the departing spouse's name off the title. However, it does not remove that spouse's name from the mortgage. 

So if you quitclaim a property to your spouse and he/she is late with payments, it will hurt your credit rating. To make matters worse, there is no way for you to get your name removed from the loan. Frequently, divorce attorneys fail to consider this adverse consequence. It may be in your best interest to require that the home be sold, or that your spouse refinance it as part of the divorce agreement.

POPULAR PAGES

First Name:
Last Name:
E-mail Address:
I would like information on: 1040 & Personal Finance
IRS Tax Problems
Quickbooks Tips
Small Business
       

Privacy Policy
  • Sign up for our newsletter and receive the latest tax updates and due date reminders.
  • Location
  • CSL Accounting & Tax Services LLC
    27109 Harper
    St. Clair Shores, Michigan 48081
  • Phone
  • 866-300-4618; 586-772-6073