If you are divorced or are going through a divorce, you might assume that receiving alimony and/or child support payments will qualify as income to refinance your current mortgage or get a new one. Unfortunately, you may discover that is not necessarily true. What you and others might consider income and what mortgage lenders consider qualified income may be two very different things.
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Your financial future depends on good credit scores and clean credit reports with no derogatory items. In this article, I review the steps and offer some tips for handling your credit reports, joint credit cards, and other debts, so your credit will be protected before, during, and after divorce.
You are not refinancing your home for typical reasons. You are refinancing because of your divorce, and you want to keep your home.
Co-owning a home together after divorce will not resolve your marital problems; in fact, it could actually exacerbate them.
If you are getting divorced, your marital property, including your home, will need to be divided between you and your spouse.