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Dealing with mortgages in property division in Missouri

Most divorcing couples in St. Charles, Missouri, are worried about their financial security in the event that they become single again. This issue is the main reason why property division exists. This process is important as it not only determines who gets what, but also distributes the liability from loans and debts acquired during the marriage.

Readers in St. Charles should remember that even if a divorce decree says that their ex-spouse takes care of the mortgage and property payments, they may still be responsible for their joint loan obligations. This liability may only be removed or altered if the property is sold, assumed or refinanced. With the current housing market, these are conditions that might be difficult to accomplish. To ensure that mortgage debts do not haunt divorcing spouses in St. Charles, there are things that may help them better understand their options.

A quitclaim deed passes on the interests that a person has in a property to another. Divorcing spouses may use this to transfer their interests to their ex-spouses. However, it does not remove the liability attached to the debt. They may also consider an interspousal transfer grant deed as it could make the transfer of interest from one spouse to another a simple task. It may also modify community property into separate property. Finally, an easy and effective method to removing liability is selling the property. The sale can get rid of an existing mortgage and the remaining amount can be divided between both parties.

In order to accomplish this, a divorcing spouse in St. Charles, Missouri, must make sure that all necessary documents are filled out properly. All mortgage issues must be resolved in order to avoid liablity issues, but you also should take steps necessary to ensure that a divorcing spouse receives his or her fair share of the marital property.

Source: Loansafe.org, "Mortgage Options While Going Through a Divorce," Evan Bedard, July 14, 2013

Joseph J. Porzenski
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