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When your spouse wants to keep the house

If you are like a lot of people who live in Alaska and who own a home, your property may be the most valuable asset in your estate. This is one of the reasons that makes it hard to know what to do with a home when you get divorced. In addition to the financial aspect of home ownership, there tends to be a high level of emotional attachment to a person’s family home. For this reason, many people work hard to try and keep their house when they get divorced.

If you are getting divorced and your spouse has indicated that they would like to keep your family home, there are some things you should know before you agree to this. As explained by MortgageLoan.com, your house and your home loan are viewed as two distinct things in the eyes of your lender. If your divorce decree stipulates that your spouse should make the mortgage payments, but your joint loan remains intact, you could still be responsible for the debt. This would be the case even if you have signed a quit claim deed.

You should require your spouse to refinance so that a new loan is obtained in their name only. This way, if they fail to make any payments, the bank will not pursue you for repayment.

If you would like to learn more about the factors you may want to consider when making decisions about how to split up your marital estate and protect yourself financially, please feel free to visit the property division page of our Alaska divorce and family law website.