How do you divide marital assets?
Division of assets in divorce Assets can be divided up amicably without a judge getting involved or they can be contested requiring a judge to make a final decision on the matter. The first step in splitting assets is to properly inventory assets. Both parties are asked to complete an asset and debt sheet.
What happens to the mortgage when you divorce?
If you’re eligible, you will be able to refinance and extend your mortgage to 95% of the property value. You may also be able to increase your home loan to pay out a divorce settlement. In this situation, you may be required to pay Lenders Mortgage Insurance (LMI) if you loan more than 80% of the property value.
Who pays mortgage after divorce?
If you are going through a divorce you need to keep paying the mortgage, even if you have moved out of the family home. When two people take out a joint mortgage, both agree to be equally liable for the debt until the mortgage is paid off, not just while you live in the property.
Can I be forced to sell home in divorce?
Can a Court Order My Spouse to Sell the Home? Yes. When it comes to real property, courts can order a sale. This is actually quite common, especially now, when many couples are facing difficult financial times.