If you and your spouse are embarking on a divorce in Virginia, you will need to determine how to split your marital assets and debts. For most couples, their primary residence is their biggest asset but is also connected to their biggest liability in the form of a mortgage. You should be very careful in how you decide to assign ownership of your home and responsibility for this mortgage should you opt not to sell your home when you get divorced.
Your spouse might wish to keep your family home, even citing stability for your children as a main reason for doing so. This is an understandable desire but it is not without its potential downfalls for you if it is not executed properly. As explained by The Mortgage Reports, you must ensure that your name does not remain on any active mortgage in order to prevent any future financial connection to or liability for the home.
Even if your divorce decree identifies your spouse as the person responsible for mortgage payments, the lender may report missed or late payments on your credit report if your name remains on the loan. If your spouse allows the home to go into foreclosure, that will also be reflected on your credit history.
If you would like to learn more about how to protect yourself financially when your spouse wants to keep your family home after getting divorced, please feel free to visit the mortgage and divorce page of our Virginia family law and divorce website.