Deciding to separate is never an easy decision. Sometimes couples simply grow apart or take on new interests and career paths that lead them in different directions. Whatever the cause, it’s vital to keep mortgage payments going on your marital home, even if one person moves out.
Remember, banks don’t care about personal issues and will hold both parties on a mortgage liable for any missed payments. So when it comes to shared property, an option to consider during a separation is for one spouse to pay out the other and then refinance the home.
If you’re interested in refinancing your home during a separation, here’s what you need to consider.