Dividing property in a divorce can become very difficult particularly when both you and your spouse are listed as joint owners on your house. If one person is to take over possession of the house, it makes sense that the person giving up ownership will want to have his or her name removed from the loan or mortgage agreement. Taking your name off the house will protect you in the event your ex-spouse fails to keep up with the mortgage payments or violates the terms of the loan agreement. Without turning over full and complete responsibility, you may be held accountable for the original terms of the loan.
A divorce judge does not have authority to modify the terms of a loan, however he or she can order the loan be refinanced. For your ex to refinance the house or obtain a loan modification in his or her name, the bank would need to verify income, equity and various other factors just as if it was a new loan. When going through a divorce, it is important that you take decisive action to protect your interests and defend your rights. Having your name left on a loan or mortgage agreement for a property that is no longer in your possession, and which was turned over to your ex during divorce proceedings, could put you in serious financial and legal danger.
Our firm is here to be the forceful advocate you need during divorce negotiations and litigation. We understand how property division is handled in our state and we will work zealously to defend your interests and help you avoid facing any unnecessary financial risks associated with your divorce. Our founding lawyer is BV Distinguished® Rated by Martindale-Hubbell® and we are extremely proud of our honest approach to each case we represent. Contact a Jacksonville divorce lawyer at Charles E. Willmott, P.A. at once so that we can get started on helping you obtain the outcome you seek.