There is a definite learning curve during divorce when one spouse has handled the major financial decisions while the other spouse has either relinquished control of those decisions or didn’t fully understand the decisions being made.  Most houses are financed via a mortgage and although “house” and “mortgage” seem to go hand-in-hand, this is not the case.

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Home is An Asset, But Don't Forget the Mortgage is a Debt

A house, and the equity associated with it, is considered to be an asset on the marital balance sheet whereas the balance on the mortgage is considered to be a debt.  The process for dividing the two are very different in terms of cost and the amount of time necessary to separate the two.  

As far as the house is concerned,…

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