Divorce isn’t easy and how to handle your mortgage is a challenge many couples face during the process. Having a co-owned home and joint mortgage during a divorce can easily leave you stressed. The good news is there are options to consider when it comes to your mortgage during a divorce.

Refinance Your Mortgage Before the Divorce is Finalized

There is an option to refinance If you have a joint mortgage with your current spouse. By refinancing, the mortgage is able to be put under one partner’s name. Whoever that is, they will be responsible for paying the rest of the mortgage. Also, you should consider removing that person from the title as well. This is because they can still benefit from any sale of the home if they are still named on the title. This is done by using a quitclaim deed. Remember, rates are low right now so you should refinance sooner rather than later.

Sell The Home

Selling your home is typically the simpler solution. This is because you are able to split the profits 50/50. This choice is often made if the home is simply too large for only one person to be in. Unless you want to pay higher bills for a larger home all by yourself, it’s time to sell. You will still need to figure out how your mortgage payment is handled before the sale of your home closes. Luckily, this is only a short-term issue. On the other hand, this solution may not work for the situation of your divorce. For example, you may have children that have grown up in the home and school district. You might also be in a position where the real estate market isn’t doing too well in your area. That being said, selling may result in a loss.

Keep the Home and the Mortgage

If selling or refinancing aren’t working out as options for you, there’s always the option of keeping the shared home and mortgage. This would mean that both partners will continue to be responsible for the loan. If this option is chosen, you need to make sure you speak with your lawyer about using the correct language in your divorce agreement. For example, partners might agree that one party will remain in the home with the kids while the other leaves but will continue paying the mortgage off. On the other hand, you may agree to split the mortgage 50/50 to be fair. Whatever makes sense for your situation, do it. Remember, you must both pay your portions on time. If just one person is late, both parties will be affected negatively.


Divorce is anything but simple, so it’s best to figure out what to do with your home and mortgage as soon as possible. Everyone’s divorce case is different, so you’ll need to get the right advice.  Speak with a professional about your options today.