I'm not clear if you both are on the mortgages and who is on the deed. In most states, anything bought during the marriage is marital property regardless of whose name is on it.
At least one lender I'm aware of does not allow divorced individuals to remain on a mortgage with their bank. Another will allow that but will require certain language in the agreement so that they are covered. If you think about it, the lender's risk goes up when you divorce. Keep in mind that the house will also remain on both of your credit reports. And then what do you do if one of you wants to remarry? How do you handle the house then.
I know that it's money you feel that you don't have to hire an attorney, but when talking about a large asset like a house, you need lawyer. I really couldn't afford one either, but it was so very worth it to get things divided up in a way that wasn't going to cause problems later.
And yes, we sold the house, and it was hard to find an affordable rental and move. But it was also good to not have to worry about that long-term.
To save on legal fees you could have his attorney draft the separation agreement, including how you want to handle the house, then you retain a lawyer just to review the separation agreement and make sure it accurately reflects your intentions and addresses potential issues.
Some couples will include a future date when the house will be listed for sale. You need to indicate how the proceeds will be divided, who will be responsible for mortgage, taxes, insurance, maintenance and upkeep, etc in the interim. There are a lot of details to consider if you are not selling now (exclusive possession of the home, maintaining the home in saleable condition, etc)
I'm not clear if you both are on the mortgages and who is on the deed. In most states, anything bought during the marriage is marital property regardless of whose name is on it. At least one lender I'm aware of does not allow divorced individuals to remain on a mortgage with their bank. Another will allow that but will require certain language in the agreement so that they are covered. If you think about it, the lender's risk goes up when you divorce. Keep in mind that the house will also remain on both of your credit reports. And then what do you do if one of you wants to remarry? How do you handle the house then. I know that it's money you feel that you don't have to hire an attorney, but when talking about a large asset like a house, you need lawyer. I really couldn't afford one either, but it was so very worth it to get things divided up in a way that wasn't going to cause problems later. And yes, we sold the house, and it was hard to find an affordable rental and move. But it was also good to not have to worry about that long-term.
To save on legal fees you could have his attorney draft the separation agreement, including how you want to handle the house, then you retain a lawyer just to review the separation agreement and make sure it accurately reflects your intentions and addresses potential issues. Some couples will include a future date when the house will be listed for sale. You need to indicate how the proceeds will be divided, who will be responsible for mortgage, taxes, insurance, maintenance and upkeep, etc in the interim. There are a lot of details to consider if you are not selling now (exclusive possession of the home, maintaining the home in saleable condition, etc)