How Can a Husband Get Rid of a Divorced Wife's House Debt?

Eliminated shared debt in a divorce can be tricky.

A divorce is more that a romantic separation--it is a financial one, too. Dividing assets and determining financial obligations must be hashed out with attorneys and a divorce court. One of the most important financial decisions in a divorce is how to split a shared home. In order to eliminate a spouse house debt, you must first determine the legal arrangement and then take appropriate action.

Things You'll Need

• Mortgage paperwork
• Income documents (pay stubs, W2s)
• Copy of divorce documents

Instructions

1. Seek expert counsel prior to making any financial decisions. Retain a divorce lawyer with whom you can review the divorce documents from court. Not only will an attorney help you navigate through the legalese, she can also provide sound advice with regard to next actions.

2. Review the divorce agreement with your attorney. The court must make a decision with regard to ownership of the home. Often co-ownership is granted, meaning that both parties are still responsible for mortgage payments. This is can cause problems if your ex-spouse is not paying her share.

3. Schedule a meeting with your attorney and your ex-spouse's attorney. You can be present at the meeting, too, but if the separation was messy, it's best to have unbiased professionals handle financial discussions. Provide your attorney with the divorce agreement prior to the meeting.

4. Follow the instructions laid out in the agreement. Divorce agreements are set in stone and cannot be amended. You must follow the instructions. For example, if you have co-ownership with your ex-spouse and she is not paying, your only recourse is to file a complaint with the court.

5. Consider a buy-out option, if available in your agreement. This will allow you to either sell the home and give 50 percent of the proceeds to your ex-spouse, or refinance under your own credit and income and use the cash out to buy out your spouse.

References

• Divorce and Mortgage Questions
• MSN: Should You Keep the House in a Divorce?
• MSN: 10 Steps to a Money-Smart Divorce