Law Offices of John A. Guthrie
Free Initial Consultation
925-271-4342

What to consider when trying to retain the marital home

California residents who are in the process of getting a divorce are likely considering their future living arrangements. In many cases, one or both spouses want to retain ownership of the matrimonial home. Spouses who want to keep the mortgage and marital home might want to consider several aspects of their finances before making a decision.

First, it is a good idea for the homeowner to be employed full time. A spouse who is employed is more likely to be approved for a loan that allows them to buy out the spouse and refinance their mortgage. Prospective borrowers who work part time or on commission are often expected to show possible lenders at least two years of tax returns as proof of income. A co-signor for a mortgage loan might also be necessary in cases when the prospective borrower has a lower income.

Second, it is advisable that spouses who want to take over the mortgage of their marital home continue to pay their bills on time. By making bill payments on time, especially to creditors, spouses seeking to keep their marital home can keep their credit scores as high as possible. One who has a credit score above 580 is more likely to be approved by a bank for a mortgage loan that allows them to buy out their future spouse and become the sole owner of their marital house.

A spouse who is considering the issue of retaining their marital residence after divorce could benefit from consulting a lawyer. An attorney who focuses on divorce and property division might assist a client by representing them in their divorce case and working toward a settlement that is as financially beneficial as possible.

No Comments

Leave a comment
Comment Information

Pleasanton Office
239 Main Street Suite H
Pleasanton, CA 94566

Phone: 925-271-4342
Fax: 925-461-9930
Pleasanton Law Office Map

Danville Office
4115 Blackhawk Plaza Circle
Suite 100
Danville, CA 94506

Phone: 925-648-2074
Map & Directions

Arrange A Free Consultation Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response What to consider when trying to retain the marital home | Law Offices of John A. Guthrie