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How to deal with property financing by two parties in Divorce Litigation?

How to deal with property financing by two parties in Divorce Litigation?

A common issue that family law practice in Altamonte Springs has witnessed many times over the years is the ownership of property such as automobiles or real estate by a couple, and in a divorce case, one of the couples wants to get their name taken off the financing. The possible reasons for this are not far-fetched – it could be a matter of distrust for the other party; that they may default on payments and intentionally damage the person's credit score or it may simply be the desire to seek financing on another property. Whatever the reasons are, the truth that a family law practice in Orlando should let the couple know is that if they both have a mortgage for real estate, the options available to them are quite limited.

Anybody who has tried to buy a home or a car and has found it difficult to get financed will understand the dynamics that influence a lender's decision to grant a loan. So usually, when divorce attorneys are going through the assets and liabilities of a couple and deciding on how to divide them between the two parties, they will come across expensive things that are financed in both of their names. Couples who are married can co-borrow to buy some things if one of them cannot qualify to get a loan on their own. In situations like this, if in future one of them wants to switch to sole financing, then they have to qualify to do the financing on their own.

This is the truth that a lot of couples don't know, and only a family law practice in Altamonte Springs can help couples understand this. A court will not simply order that the name of someone be removed from a mortgage just because one of the parties requested for it. Checks need to be done to make sure that the person whose name will remain on the loan can on their own, qualify for refinancing. Anything contrary, no court will knowingly order someone to do what is impossible for that person to comply with.

In marriages that had a high level of distrust or disagreements over how well funds were managed, this can be a big problem. Also, some divorce attorneys can easily get allegations that one of the parties will intentionally refuse to pay to damage the credit score of the other party. Even though this is not common, it remains a possible thing to do. This is why it is important to involve a family law practice in Altamonte Springs in all of your divorce proceedings, and the couple should be properly educated on why their names should remain on a loan. A reputable family law practice such as Frank Family law will also put in place some means of protection into the divorce settlement so that both parties can be at rest and go through the process in good faith. You can book a consultation with Frank Family Law by calling 407 629 2208.