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.