Mark A. Ogle, Family Law Practice, PLLC
859-912-7772
Menu Contact
In this Section

Kentucky property division may have parties considering mortgages

Divvying up property as part of divorce proceedings can sometimes seem contentious and cathartic. By splitting up assets, individuals may truly feel that the reality of moving on from a marital relationship has set in. However, those confronting property division issues in Kentucky will likely benefit by gaining an understanding of the process and learning how to address potential issues that may arise when dealing with the family home.

It is relatively common for couples to allow one of them to keep the home while the other finds a new residence. When this happens, some parties may think that they no longer have a mortgage obligation since they no longer reside in the home. This is not necessarily the case as the bank lenders could still go after both individuals when both names are on the mortgage loan.

In order to ensure that a person who has relinquished ownership of the home is not on the hook for mortgage payments, individuals may want to explore their options. It may be possible for one individual to assume the mortgage entirely, which would release the other spouse from any liability regarding it. Similarly, parties may have the option to refinance or obtain a loan modification (in specified circumstances) that would allow the home owner to take on all responsibility for the mortgage.

Even if property division seems simple, there are often underlying factors that need require consideration. Kentucky residents may want to ensure that they look at all property division decisions from various angles to better understand the future implications those choices could have. Enlisting the assistance of knowledgeable attorneys may help concerned parties fully assess their circumstances.

Source: themortgagereports.com, "Dealing with Divorce: How to Handle Your Mortgage When You Split", Aug. 15, 2017

No Comments

Leave a comment
Comment Information

Divorce Information

Contemplating divorce is difficult. Whether or not you are sure you want to end your marriage, it helps to learn the basics of divorce law.

Read More

Email Us For A Response

Contact Our Firm Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

2400 Chamber Center Dr.
Suite 300
Ft. Mitchell, KY 41017

Phone: 859-912-7772
Fax: 859-525-0214
Map & Directions