What If Neither Party Wants The House?If you have taken out a jumbo mortgage as a married couple, you have probably discovered that the property can be as much a burden as an asset. If you are going through a divorce, determining who gets the house takes on an entirely new meaning when overwhelming debt means you get more problems than benefits.
Jumbo Mortgages And DivorceIf you are considering the dissolution of your marriage, and you are upside down on a mortgage, you will need to protect your rights. Under Missouri, Illinois, Kansas, and Oklahoma law, debt is considered marital property subject to division. Unfortunately, the appraised value of large homes is often less than the amount owed on a jumbo mortgage. Protecting yourself from the burden of monthly payments or selling the property can be an important part of your final settlement.At Stange Law Firm, PC, we know the strategies often used by opposing attorneys place an incorrect value on the property or assign inappropriate responsibility for the debt and taxes on the property. We are prepared to represent you if you are upside down on a mortgage.During your consultation, we will discuss issues relating to equitable distribution and distribution of debt, including:
- Complex property valuation and division
- Real estate tax concerns and home equity loans against your jumbo mortgage
- Appreciated value of the home over the duration of the marriage
- Was the home owned by one party prior to the marriage, yet transmutation of property is an issue?