1.24.2012. by Audra McMahon
Whether you retain the ownership of your home in the divorce or not, it is imperative that you take action as stated in the divorce decree to refinance, sell, or cooperate with your ex-spouse to remove your name from the home loan, immediately. Take Barb for example: Barb divorced 25 years ago. She then relocated to Kansas City. Bought a home as an unmarried woman, refinanced a home as an unmarried woman, and sold a home as an unmarried woman to retire.
Unfortunately, Barb was not vigilant about clearing her name from her ex-spouses home as decreed per her divorce. He failed to pay the loan and was being hunted by the IRS for back taxes. At the time of Barb selling her home to relocate to a warmer retirement climate, her hard earned money was taken from the IRS as payment for the 25 year old loan that was assigned to her ex-spouse in their divorce. Barb never took action to ensure that her name was removed from the old loan.
Take responsibility for all debts in your name. You are ultimately responsible for your financial situation. Check your credit. Close joint accounts. Follow up. Your financial future depends on it.
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