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When a couple is settling a divorce they obviously need to decide who gets the house. Either they can work it out on their own or they could leave the courts to decide on this issue. In any case a decision needs to be made on who would get the property. As with any other decision the couple can decide on a number of possible outcomes.
They could either sell it and divided the profit or one partner could choose to leave the property with the other or one spouse could choose to pay off the other a certain amount. It's largely depends on the circumstances under which the divorce is taking place. There is no problem when the couple involved work things out on their own. However in some cases the courts need to make a decision on their behalf.
If you are going through a divorce and planned to keep the house all to yourself you will need to keep a few things in mind. Be sure that you could take care of all payments on the house. Break it down on the monthly basis and see if you can afford it. Once you are divorced you will need to work out your own individual budget.
Think carefully if you really want the property in the first place. Ask yourself while you wish to own this property. Is it because you wish to live in it or is it simply for the sake of the ego? Once you have worked out these feelings you will be able to take a rational decision on the issue.
Although it may be a difficult time you need to start thinking for yourself. Have a calm and clear talk with your partner regarding all property not just the house. Would you really feel like living and starting life over in this same house? Would it not be better to begin your new life in a new place? On the other hand it may have been your ancestral home and that is a whole different ballgame. And also if you have custody of the children you may not wish to disturb them for the in an already trying situation. These are only a few of the thoughts that should be running through your mind before you decide on keeping the house. So take the time to ponder over such questions calmly.
If you have decided that you believe the house to your spouse do consider how it would have an impact on your individual credit. If you do not take care of paperwork you may be contacted if and when your partner fails to make payments in time. This can give you go bad credit rating for no fault of yours. The banks do not care if you live on the property or not. All they will keep in mind is your signature on those documents. You will also find it difficult to get a new home loan if your name is still connected with the loan on this property.
If you still trust your partner you should have an understanding that you will not be able to partake in loan payments anymore. On the other hand you may simply want to make things crystal clear by having your name removed from the mortgage papers. This will probably require the spouse to have the building the financed on their own name. Once this is done You are no longer required by a law to make any payments.
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