You and your spouse bought a home together. You’re both on the deed and the mortgage.

Now that you’re divorced, you signed the home over to your spouse. He or she gave you other marital assets to make up for the cost. You bought your own condo and you’re living by yourself.

You think everything is fine, but then you start getting calls from the mortgage company. Your ex isn’t paying. They want to hold you responsible for the debt.

Go ahead and explain that you don’t live there and that you got divorced. It doesn’t matter. The creditor only cares about one legal agreement: the contract you signed to pay off that mortgage. Nothing else matters. If your name is on it, you’re responsible.

It may not seem fair, but the real mistake is that you didn’t do enough during the divorce. With the right steps, you can get out of this.

Obviously, selling the home outright is one way to do it. Then you both eliminate the debt and move forward by yourselves.

If your ex wants the house, though, you should ask him or her to apply for a new mortgage alone. When approved, the money from that mortgage can be used to buy out the previous deal. Essentially, your ex is refinancing the old mortgage but just in his or her name. This frees you of your legal obligation.

As you can see, it’s important to really look into the financial ramifications of divorce. Never assume anything and make sure you take the proper steps if you split up.

Source: Huffington Post, “What Your Divorce Attorney Won’t Tell You About Marital Debt,” Cathy Meyer, accessed Dec. 08, 2017