Arnold Schwarzenegger and Maria Shriver from Kennedy fame may divorce. If they divide the marital homes they will not have a problem paying the mortgages, if they have any.
Most Americans, however, are not in that position. Once the reality of divorce sets in, the question of selling or keeping the marital home often becomes a highly contested issue. In today's housing crisis, the liquidation of the house is usually more a division of excess debt rather than a division of excess profit.
Caution! Marital Mortgage Debt!
Unless you have Schwarzenegger / Shriver / Kennedy resources, you should be very careful when agreeing to any divorce obligations related to the mortgage payments.
You and your divorce attorney should always call a short sale expert Realtor. An unsustainable mortgage payment on a house with too much debt will spell disaster sooner or later. It could lead to foreclosure and bankruptcy. Lawyers are not necessarily real estate experts.
Call a Realtor who specializes in short sales of divorce mortgage debt
In the Louisville, KY and surrounding counties, please call Dave Halpern, Real Estate Broker, Louisville Short Sale Expert. Call anytime (502) 664-7827