

Divorce means moving on to the next phase of one's life, but it can be complicated if the people involved own a home and have a mortgage. If you're getting divorced but still have a mortgage with your former partner, it’s important to know what your options are. This can make the process a little less daunting.

If you do get a divorce, here are some of your options:


One spouse retains the home and refinances

In this scenario, one spouse agrees to buy out the equity of the other spouse. Next, the spouse retaining the home refinances the mortgage in his or her name only. If you’re the spouse who will be retaining the house, you should have the ex-partner sign what’s known as a quitclaim deed. This means that the person will be relinquishing any claims on the property.

One spouse retains both the home and the mortgage


Sell the house


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