When a couple in Massachusetts comes to the difficult conclusion that their marriage should no longer continue, they will have to work through the process of how to split their marital estate. All joint assets as well as joint debts will need to be factored in as they decide who will have responsibility for what debt or who will receive which assets. If the couple owns a home together, one person may want to keep the home after the divorce. This is a decision that should not be made lightly.

As explained by the consumer mortgage resource, HSH.com, it is important for divorcing couples not to allow their joint mortgage to remain intact after their divorce is over. Regardless of any terms laid out in a divorce decree, a lender will pay attention to the name or names on the actual home loan documentation. If both people are listed on the loan, they may both be pursued for repayment.

The problems here would be realized if the person who was supposed to make the mortgage payments missed or was late on any of them. Both spouse’s credit reports may take the hit, even though it was only one person’s responsibility. The same is true if the home fell into foreclosure.

The Mortgage Reports recommends carefully assessing whether or not keeping a home makes financial sense. Interested spouses should evaluate their new post-divorce income, which may be must less than what they lived on while they were married, as well as the equity they have in their home and their post-divorce credit score.