When you and your spouse decide to divorce and still have a mortgage on your Washington home, you need to consider what to do with that mortgage moving forward. Your options are going to depend on a number of factors, including whether either of you wants to stay in the home and the strength of the real estate market in your area.
What are some of the things Bankrate says you need to consider when it comes to divorce and your mortgage?
Whether to place your home on the market
Selling your home when you divorce has certain advantages, but it may not prove helpful for you to sell it if you are facing a bad real estate market. Still, if you are desperate to make a good, clean break from your ex or need to have money available to find new housing, it may serve you well to list it anyway.
How much your home is worth
If you do decide to list your home, you need to have it appraised so you know how much to ask. If this becomes a point of contention between you and your ex, consider each having your own appraisal performed to see if they are similar.
Whether either of you qualifies for a mortgage alone
If you or your ex wants to keep the home and the other has no objections, the one who wants to stay has to qualify for a new mortgage without the other.
Working through these considerations should help you make an educated decision about what to do with your mortgage once you and your former partner go your separate ways.