Going through a divorce can involve a lot of change, but sometimes you have to do it for the better. It can be a bit complicated especially concerning finance.

If you want to keep the family home that’s currently on mortgage and relieve your former spouse from the obligations and ownership, refinancing is the best option. It’s because to get the sole ownership of the property, you will likely have to buy out your spouse by paying the amount equal to his or her interest in the home. It may also be indicated in the divorce settlement.

Note that even if your spouse signed a Quit Claim Deed, it doesn’t remove him from the mortgage. The spouse who doesn’t keep the house is still liable for the debt.

As soon as both of you decide who gets to keep the house, it’s best to start the refinance application process immediately. Applying for a new mortgage at this time will base on the income and credit scores of you and your spouse. You can do this by finding a refinancing company like Home Refinance. A post-divorce refinancing application can be a bit challenging since the new mortgage will rely solely on your income, debt, and credit score.

Refinancing is also a good move in the heat of divorce since your soon-to-be ex might ruin your credit score if you still share the mortgage. Late payments can affect your credit score negatively even if it’s his responsibility to pay.

Before starting the process, make sure you’ll have the sole ownership of the property.