Property division during a divorce is an arduous and time-consuming process. It depends on how willing each party is to compromise here and there and give up something for another asset. Matters complicate even more when the couple has joint purchases that they are still paying off.
In these cases, many want to have their name take off the finance or want the other’s name taken off. In reality, the problem is that this is easier said than done. Many believe that the other could harm their credit score intentionally. Or in some cases, one doesn’t want to have anything to do with the other. Or they may require funding for some property of their own.
Whatever the case may be, there is a reason why both the spouse’s names were included. That is because one couldn’t finance the entire property or asset on their own. And even after the divorce, it is very rare that one spouse will be able to do so alone. So that reason alone will make it somewhat challenging to get one name off the financing.
However, there are precautions that you can take to make sure that you don’t fall in trouble. A term can be included in the settlement agreement to make sure that both parties pay their share on time. The failure or significant delay to do so will result in the property or asset being sold and proceeds divided. That will help to make sure that your credit score will not be harmed by the others activities.
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