If you and your spouse decide to separate and you own a home, what will you do about the mortgage? The fact both of you decided to separate has no bearing on your mortgage. Your lender still wants to be paid, and it’s up to you to make it happen.
Who Has To Pay?
If the two of you have a joint mortgage, meaning both of your names are on it, then you’re both liable for the payments. If the payments are 
not made, both credit scores will be affected.
That’s why it’s important to work out a solution on this, whether the break up is friendly or not. There’s no reason to have bad credit on top of the marriage not working out.
If only one spouse’s name is on the mortgage, then he or she is legally responsible for the payments. Sometimes, this isn’t the same person who ends up staying in the house, but that’s an issue for the lawyers to figure out. Whatever agreement you come to about who is going to pay, or if you’ll each pay a set amount, get it all in writing so there are no issues later on.
While You’re Separated
It’s common during a separation for one spouse to remain in the family home with the children and the other spouse to find a different place to live. This can also pose challenges for paying the mortgage on time each month, especially if no official agreement is reached.
Sometimes, the spouse who has left the house will make the payments to make it easier on the spouse who stays with the kids. A lot of the time, a couple with kids will do their best to work out a solution so the kids don’t have to leave their familiar surrounding during an already stressful time.
Refinancing The Mortgage
If a separating couple has a joint mortgage and one wants to keep the house and the other doesn’t, the one keeping the house must refinance and buy out the other spouse’s share of the house. If it does come down to refinancing, the spouse keeping the home will have to qualify for a mortgage on his or her own. That means one income and one credit situation.
If it’s been awhile since the two of you purchased the home together, it may be worth considerably more than when you bought it. In this case, you’d have to qualify for the higher amount and your spouse would get half of that, minus half of what was still owed on the original home mortgage.
Getting Out Of It
Sometimes, the numbers just don’t seem to work out and it’s necessary to sell the home. This enables each party to get some equity out of the property and remove that major expense from their lives.
You may be faced with penalties for selling the home early, but mortgage professionals are used to these kinds of scenarios. Once it’s sold and the loose ends are tied up, each person can buy again or rent, depending on their preference and eligibility.
