${site.data.firmName}${SEMFirmNameAlt} Main Menu
Call Today: 855-805-0595

The end of the family home

48169374_S.jpgHome is where the heart is, and as often, where our family lives. We often view "home" as being virtually synonymous with "family." We refer to the "family home." And when we refer to our parent's house, we may unconsciously speak of going "home," even if we have not lived there for years and have a house of our own, with our own spouse and children who reside there.

So when a divorce looms on the horizon, one of the most tangible events of the reality of that event is when one spouse moves out. Of course, that really resolves nothing, as most Missouri residents also have a mortgage on their home here in Columbia, and with the divorce come questions of how to deal with that mortgage.

In a perfect world, if one spouse wished to keep the home and all of its emotional sentiment, they simply would buy out the other spouse and refinance the property. Of course, in that world, they may not have needed a mortgage in the first place.

In most cases, sad as it may be, selling the home is the best way to deal with this. If you have equity, you will each receive a portion of that equity and be able to use it towards the purchase or rental of new property.

During the last decade, many people could not divorce because they owed more on the mortgage than the house would bring at a sale, and they typically did not have sufficient reserves of cash to make up the difference.

No matter what you decide, you must recognize that the mortgage is a contact between you, your spouse and the lender, and only by refinancing or selling the property can you end that relationship. Your divorce settlement is not binding on the lender, and if your spouse keeps the home, the lender could still come after you for payment if they become delinquent.

Source: time.com, "What Happens to Your Mortgage in a Divorce?" Ashley Eneriz / Wise Bread, March 29, 2016

No Comments

Leave a comment
Comment Information

Contact Our Team To Get Help Now

Tell us about your case and we’ll get back to you promptly.

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
Stange Logo

Stange Law Firm, PC
1506 Chapel Hill Rd
Suite H
Columbia, Missouri 65203

Toll Free: 855-805-0595
Fax: 314-963-9191
Law Office Map

DHQ | Divorce Headquarters Divorce
Headquarters ® App Download The App
Questions? Live Chat Pay Your Bill Online
States of Service

Other Office Locations

  • Saint Louis County: 120 S. Central Ave., Suite 450, Clayton, MO 63105: Clayton Office
  • West County: 16024 Manchester Rd., Suite 103, Ellisville, MO 63011: Ellisville Office
  • Jackson County: 256 NE Tudor Rd., Lee's Summit, Missouri 64086: Lee's Summit Office
  • Jefferson County: 16 Municipal Drive, Suite C, Arnold, MO 63010: Arnold Office
  • St. Charles County: 2268 Bluestone Drive, St. Charles, MO 63303: St. Charles Office
  • Franklin County: 5 S. Oak St. Union, MO 63084: Union Office
  • Lincoln County: 20 Centerline Drive, Troy, Missouri 63379: Troy Office
  • Boone County: 1506 Chapel Hill Rd., Suite H, Columbia, MO 65203: Columbia Office
  • Greene County: 901 E. St. Louis, Suite 404, Springfield, Missouri 65806: Springfield, MO Office
  • St. Clair County: 115 Lincoln Place Ct., Ste. 101, Belleville, IL 62221: Belleville Office
  • Madison County: 25 Professional Park, Suite B, Maryville, Illinois 62062: Maryville Office
  • Sangamon County: 400 S. 9th St., Suite 100, Springfield, IL 62701: Springfield Office
  • McLean County: 1012 Ekstam Drive, Suite 4, Bloomington, IL 61704: Bloomington Office
  • Johnson County: 7300 West 110th Street, Suite 560, Overland Park, KS 62210: Overland Park Office
  • Sedgwick County: 2024 N. Woodlawn Street, Suite 407, Wichita, Kansas 67208: Wichita Office
  • Shawnee County: 800 SW Jackson Street, Suite 812, Topeka, Kansas 66612: Topeka Office
  • Tulsa County: 6660 S. Sheridan Road, Suite 240, Tulsa, Oklahoma 74133: Tulsa Office
  • Oklahoma County: 2601 NW Expressway, Suite 411 W, Oklahoma City, OK 73112: Oklahoma City Office
  • Monroe County: 116 W. Mill St., Waterloo, IL 62298 (by appt. only): Waterloo Office
  • St. Louis City: 100 S. 4th St., #549, St. Louis, MO 63102 (by appt. only): St. Louis Office
  • Jackson County: 2300 Main St., #948, Kansas City, MO 64108 (by appt. only): Kansas City Office

The choice of a lawyer is an important decision & should not be based solely upon advertisements. See additional disclaimers here.