Why You Should Ask A Tampa Divorce Lawyer For Advice On Your Home Mortgage

Article by Florida Law Group

Divorce can be a very challenging and stressful time for everyone involved. In most divorces the couple will need to address many contentious issues. For instance, dissolving a marriage may require a couple to divide the assets they have spent years trying to acquire. Most often, property distribution in divorce is a highly contested issue, with each party wanting to give as little as possible to their soon to be ex-spouse. If a couple is unwilling to settle on the terms of the property distribution, a Florida family law court will step in and resolve the differences. Property distribution is a very complex area of family law and can be difficult to master without years of legal experience. Therefore, if a divorce is imminent you should contact a Tampa divorce lawyer for legal counsel. A Tampa divorce attorney can advise you on applicable Florida divorce law and plan a legal strategy to protect your interests.

In many marriage dissolutions the couple’s home will be the largest financial asset to be distributed between the two parties. Often, the couple’s primary residence will be considered a marital asset and subject to an equitable distribution between the two parties. Under Florida divorce law, martial assets are often assets which were acquired during the marriage, regardless if the asset was acquired individually or jointly. However, both parties may not be personally liable for the home loan debt, even though both may be owners of the property. A spouse will only be personally liable to the mortgage lender for the home loan debt if the spouse signed the promissory note. For instance, a spouse may be listed on the deed of the property as an owner but not a promisor on the promissory note, and thus not liable to the mortgage lender for the home loan debt. If your spouse is not a promisor to the mortgage debt you should advise your Tampa divorce lawyer. A prudent Tampa divorce attorney should prepare the divorce settlement to account for this contingency.

An experienced Tampa divorce lawyer should be able to recommend several options to help alleviate the mortgage debt/ ownership issue. For instance, if the spouse has good credit and there is equity in the home, the couple may resolve the issue by refinancing the property. A Tampa divorce attorney can prepare the home loan refinance documents to ensure that only one spouse is a promisor to the mortgage and listed as an owner on the deed to the property. Fortunately, a home refinance is not the only possible remedy, there are many other ways a couple can solve a mortgage debt/ ownership issue.

For more information on distribution of marital assets contact a Tampa divorce lawyer in your area. A Tampa divorce attorney can help explain the law in detail and provide you with legal advice.

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