If you are in the process of getting a divorce, a joint mortgage debt is one of the many things that can complicate what is an already stressful process. The terms of your joint mortgage are not changed in any way by your divorce decree. If you have a joint mortgage on your house, the Federal Trade Commission warns that both spouses remain legally liable for that loan payment, regardless of who receives the home. It can also damage your credit, and land you in legal trouble. This is why it is important to protect yourself, and seek the help of law firms in Mendocino County for joint mortgage debt after divorce.
How a Law Firm Can Help With Joint Mortgage Debt After Divorce
Here is a look at how a law firm can help you with your issues with joint mortgage debt after divorce.
- Ensure a Fair Divorce Settlement: During a divorce, the courts split a couple’s assets and debts. Some people overlook the importance of debt division, but you should keep in mind that it is an essential factor of you and your spouse’s net worth. A law firm will make sure that the courts divide both your assets and debts fairly between you and your spouse, and that you both get a fair divorce settlement.
- Follow the Divorce Debt Laws in Your State: The way that the courts divide joint mortgage debt in a divorce varies from state to state. You might think that you can come to a settlement on your own, but it is important to know the laws on joint mortgage debts after divorce. This is where an experienced law firm comes in – it ensures that you follow the laws properly, so that there are no issues when it comes to your settlement.
- Avoid Creditors from Coming After You: Even after the court has divided your assets and debts, you may still have financial struggles. For example, you may remain liable on joint accounts, even after you and your spouse have divorced. This means that a creditor may come after you if your spouse misses making payments on a debt assigned to them. Having the expertise and help of a law firm can help prevent this from happening.
If you are worried about a joint mortgage debt after divorce, you should make sure to seek the help of law firms in Mendocino County such as Ukiah Family Law. Our attorneys will help you negotiate joint mortgage and other debts after divorce, and ensure that you are free of any financial burden. To know more, contact us at 707-757-7233.