Dirvorce and your home mortgage
When it comes to divvying up your joint net worth in a divorce, the home is
typically the most valuable asset. While your divorce papers will determine
who may live in the home after a divorce and who has ownership of it, they do
not change the original contractual responsibility to pay the
mortgage.
This is something you must take care of in order to protect your
credit.
You might consider refinancing the mortgage, so just one of you bears responsibility
for payment. If this doesn't work, consider selling your home and dividing
the proceeds. Always consult your tax advisor before selling a home during a
divorce so that you are fully aware of the tax consequences.