If you’re going through a divorce, hiring an experienced attorney can be one of the smartest decisions you make. Divorce is a complicated and emotional process; navigating it alone can lead to costly mistakes that could haunt you for years.
One common mistake people make when going through a divorce is assuming they can handle the legal process on their own. However, divorce involves complex legal issues, such as property division, child custody, and spousal support, which require a deep understanding of the law.
Moreover, even something as seemingly straightforward as taking your name off a mortgage can be surprisingly difficult without the help of an Atlanta divorce attorney. Your lawyer can help you navigate the complex process of dividing assets and liabilities, ensuring that you get a fair share of marital property and debts.
Removing Yourself from a Home Mortgage After a Divorce
When a couple divorces, they must divide all their shared assets. This includes real estate purchases. This is often done by using a quitclaim deed to remove the ex-spouse from the deed. However, while signing this quitclaim deed removes you from having an interest in the property, it does not release you from your obligations to the mortgage company.
When divorcing couples try to handle their divorce on their own, this is one of the most common mistakes. If you do not tackle removing yourself from the deed and the mortgage obligations, it can have disastrous consequences. It can affect your credit score and even prevent you from owning property in the future.
When Your Title Doesn’t Match Your Mortgage
During a divorce, one person may receive the property in the divorce. This is a relatively common scenario. When this occurs, the spouse receiving the property may be the only one listed on the title. However, if both parties are still listed on the mortgage, they’re both still responsible for making payments.
I Didn’t Get the House in the Divorce, How Can I Remove Myself from the Mortgage Loan?
You can remove yourself from the mortgage loan in two ways: release and refinance.
If you talk to the mortgage company and present them with your divorce decree and a quitclaim deed, many lenders will remove you and leave the loan in your ex’s name only. This is true for many lenders, including loans underwritten by government organizations. This is known as a release.
You can also refinance the loan and create a fresh loan in the spouse’s name on the title. This essentially pays off the first loan and removes you from financial obligations. When the property gets refinanced, only your ex will be listed on the mortgage and the title.
How Can a Divorce Lawyer Help?
You must deal with many issues during a divorce, and it is easy to forget to tie up loose ends. A divorce lawyer can ensure you do not miss any critical steps when separating from your spouse. This includes getting you off both the title and the mortgage for a property you no longer own.
They will make sure this is done during the divorce, so you don’t have to handle this on your own afterward. Sometimes, exes refuse to cooperate and will not go through with refinancing after a divorce. By making it part of the divorce process, you can rest easier knowing you have a legal advocate on your side fighting for you.
If you didn’t handle your mortgage issues before settling your divorce, it’s not too late to contact a lawyer. Your attorney can work with you to ensure everything is done properly so you can move forward into your future without worry.
Contact Our Experienced Atlanta Divorce Attorneys
The thought of getting a divorce is daunting, but sometimes it’s necessary to move on and start fresh. However, you don’t want to navigate the legal system alone. An Atlanta divorce attorney at Hobson & Hobson, P.C., can provide the guidance and support you need to make informed decisions about your future.
Maybe you’re worried about the cost of hiring an attorney, but the truth is, you can save a significant amount of money by getting it done right the first time. Think about all the stress and headaches you’ll avoid by having someone who knows the ins and outs of the legal process by your side.
Call us at (770) 284-6153 or fill out our confidential contact form. We can set up a consultation so that you can review all your legal options. Our divorce attorneys know that this is a difficult time. That’s why we’re here to help!
Attorney Sarah Hobson at Hobson and Hobson, P.C. are powerful advocates for those who fight for better futures for those going through divorce and custody law matters.