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What will happen to the marital properties during divorce?

Divorce affects the emotional and financial sides of a couple's life and it is important for divorcing spouses to brace themselves for the worst. In St. Charles, Missouri, property division is an important phase of marital dissolution as the outcome of this procedure will greatly affect an individual's finances.

The house is a marital property that is often discussed during divorce. When deciding who gets the house, the presence of a mortgage needs to be taken into consideration. If the house has a mortgage, the spouses may name who's going to be responsible for the mortgage payment and who's going to stay at the house. The divorce decree must also state the length of time that one person is required to pay the mortgage. Furthermore, refinancing must also be stated and the time period shouldn't be designated in order to remove the other party's name from the title of the property.

There are three ways to remove the other person's name from the mortgage: paying the mortgage using cash, refinancing the mortgage or dying. Another thing to consider is when the mortgage payer fails to pay the debt on time. This will affect both people's credit.

The same thing applies to credit cards. During a divorce, the spouses should get their name removed from the shared account or they will be responsible for the other person's debts. They may also ask the court for the other party to refinance the loans. By doing so, spouses can maintain their clean credit history.

St. Charles divorcing couples should proceed carefully as they handle property division. They should consult with a knowledgeable legal professional for in-depth guidance. The divorce process can be very traumatic and spouses should spare themselves the daunting task by looking for solutions that make the most sense in their particular situation and have the best chance of a favorable outcome.

Source: Summitdaily.com, "Financial facts: How divorce affects your mortgage," Bob Kier, April 13, 2013

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Joseph J. Porzenski
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