Dealing With a Mortgage After Divorce

If you are going through a divorce, you may be dealing with a mortgage in some way. Maybe you have a mortgage from the marital home or you plan to mortgage a new home. In either case, you need to know the processes for getting rid of a mortgage or applying for a new one, as well as the elements involved.

Whether you plan to stay in the marital home or buy a new house, a mortgage will be involved. This can be a scary time, though. As your marriage ends, you’ll likely be concerned about finances and stability. Will you be able to afford a mortgage on your own? Here are some things to consider.


Income is the main issue you’ll need to worry about. Your income determines how much home you can afford. Your spouse won’t be involved, so you need to figure out what you alone can buy. Plus, you may be paying or receiving child support or alimony, so you’ll need to know your new numbers.


Credit is another huge factor. The higher your credit score, the better. It is often easier to get approved with a co-applicant, but if you’re on your own, then you’ll need to rely on your credit score. If you have credit cards, then pay them off so you can improve your score. A higher score will also mean better loan offers, so make your credit score your priority.

Should You Stay or Go?

Many people decide to stay in the marital home because of the convenience. Plus, it’s less stressful if children are involved. But can you afford to take over the mortgage on your own? You will no longer have your spouse’s income, so you’ll need to refinance and qualify on your own. This can be challenging for those with one income. If you can’t make ends meet, then it may be worthwhile to downsize for a while. Once your divorce has finalized and you have become more stable, you may have a better chance of qualifying for a mortgage.

Selling Your Home

Selling your home and using the money toward a new home is another option. Many couples opt for this because it allows them a fresh start. A marital home comes with memories, both good and bad, and it may be better to start fresh. However, be aware that you will need to pay off the house with the proceeds. Plus, there are tax implications involved. Discuss your options with a lawyer.

Contact a Maryland Family Law Attorney Today

A mortgage can complicate things after a divorce. Make sure you understand how you will be affected, whether you are trying to get off the mortgage from your marital home or start fresh with a new home.

The Columbia divorce lawyers at the Law Offices of Todd K. Mohink, P.A. can help you with the financial complications that a mortgage can bring. To schedule a consultation, call (410) 774-5987 or fill out the online form. We have two offices to serve you.


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