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How to handle your home during a divorce

As we all know, marriage is very common on Long Island. Unfortunately, getting a divorce is also extremely common. According to the American Psychological Association, in the United States about 40 to 50 percent of couples divorce. In most divorce scenarios, the former couple must settle on a way to deal with assets such as the house. The love may have faded away but the mortgage payments certainly did not. With the volatility of the housing market, it only adds stress to a divorce. If you have questions about how to handle your home during a divorce, contact Simonetti & Associates, voted best divorce lawyer on Long Island.

In the eyes of a mortgage lender, a divorced couple on Long Island is still married and one hundred percent liable for all payments.  If you are looking for an escape from this, the two options are to refinance or sell the home.


The simplest option is often to just sell the property. The issue here is that many couples owe more than the home is worth. In this situation, the couple is forced to sell the home and pay the bank the difference between the sale of the property and the existing mortgage amount


Although refinancing is an option, it is not available to every couple that is getting divorced. There are a few requirements that must be met in order to do so.

  • Whichever spouse chooses to refinance must have an ample income as well as good credit to refinance the property.
  • The spouse has the option to have someone cosign the property.
  • It is unlikely, but some cases the other spouse is willing to give up the property.

Assuming the Loan

This is not often exercised, but it is always an option at hand. The lender would have to allow one of the parties to assume the mortgage. This option also requires ample income and good credit in order to even be considered.

Continue As is

If the divorcing couple cannot qualify or agree on another option, the mortgage can always be left as is. This option relies on a great deal of trust and comes with high risk. This option would mean that whichever spouse remains in the home will pay the mortgage. If they ever default on the loan, both spouses are still liable. With that said, if you find yourself with no option but this one, be sure to protect yourself. You should have all the agreements in writing in case this goes south like the marriage did.

Whether you are considering filing for a divorce or are in the midst of things, be sure to contact Simonetti and Associates with any questions or concerns today for free consultation. Simonetti and Associates were ranked the best divorce lawyer on Long Island for over 4 years! We know divorce can be complicated, it’s time to contact someone you know you can trust! For inexpensive real estate closings on Long Island, some of our attorneys are affiliated with LI Closings Esq. for more information click here.