Can I refinance home during divorce?

Can I refinance home during divorce?

Typically, during a divorce, one party will want to keep the marital property (like the house). This is certainly possible, but the person staying in the home will need to get their ex-spouse off of the mortgage loan, which can only be done by refinancing your home.

What happens to mortgage during divorce?

Often, one spouse will remain in the home. The divorce agreement will then spell out who is responsible for paying the mortgage. “Your mortgage lender will not care about your divorce decree. Your divorce decree will in no way resolve you of responsibility for a jointly acquired mortgage loan.”

How do I transfer my mortgage in a divorce?

Firstly, you will need to seek the consent of your home loan provider to take your ex-spouse’s name off the mortgage. With the help of the lawyer or conveyancer, you’ll then fill out a transfer title form. You can usually find this on the website of your applicable state or territory government department.

Is spousal support tax deductible 2020?

While child support is generally considered non-taxable, spousal support is fully taxable in the hands of the recipient. To claim support payments, there must be a court order or written agreement that specifies the amount and occurrence of the support payments.