How it's possible for one spouse to keep the house in a divorce

In a Seattle divorce, property division is often a huge issue. This is especially true when one spouse wants to keep the marital home. This can be complicated when both are listed on the title of the house. The most common solution is to refinance the home in one spouse's name, but this can be complicated when lenders require a debt-to-income ratio of under 43 percent. With proper planning, however, a divorcing party can make his or her dream of keeping the family home a reality post-divorce.

The best thing a person can do is seek assistance from a financial adviser. A financial expert can review a client's assets and liabilities and help the client understand his or her financial position after a divorce. By taking a closer look at finances, the person can get a reality check and determine if keeping the family home is really a wise choice. Emotions are involved in a divorce, and while there may be some attachment to the home, downsizing to a smaller home or choosing an apartment instead may be a better choice financially.

If the person still wants to hold onto the home, it would be a good idea to check his or her credit before the divorce is finalized. If there are any issues at this point, the person has time to work on them. For example, if credit card debt is an issue, the borrower can work on eliminating debt through consolidation or a balance transfer.

If the divorce is amicable, the other spouse may simply continue to stay on the current mortgage. This would make things easier on the spouse who wants to continue living in the home, since no refinance would be necessary. However, the other spouse would have to be extremely trusting of the spouse who wants to remain in the house. Since the loan would still appear on both spouse's credit reports, both spouse's credit scores would be affected if a payment were to be late or not made at all.

Property division is a contentious issue. When couples are divided over a home, it's best to seek legal advice to make sure that the title is transferred properly.