If you and your spouse bought a house together and you’re now getting divorced, you can sell the property and split the profits, or one of you can move out and the other can stay.
If one of you will keep the house, you’ll have to file a quitclaim deed to remove the person who no longer lives there from the title. That will make the remaining resident the house’s sole owner.
A lender might agree to a release of liability and mortgage assumption. That’s the easiest way to remove the name of the person who doesn’t live in the house from the loan.
The person who will continue to live in the house might have to refinance. Depending on that individual’s income and credit score, it might be difficult to get a new loan with favorable terms.
Consult your attorney and financial planner for advice about your specific situation.
