Quitclaim Deed

• A quitclaim deed does not take you off the mortgage. Thus, although the property is transferred to the other spouse, you are still responsible for payments and your credit rating will be affected should your spouse default.
  
  

Mortgage Payments

• Do not stop your mortgage payments until the divorce issues are resolved. Missed mortgage payments will affect the credit rating of the spouse whose name is on the mortgage. Mortgage Insider recommends that a third party make the full mortgage payments from an escrow account.
  
  

Separation Agreement and Mortgage

• According to Mortgage Insider, a separation agreement details how much each spouse contributes to bill payments. The breakdown of the mortgage payment is detailed in this separation agreement. If your spouse fails to pay his portion of the mortgage payment, you can take him to court.
  
  

Mortgage and Property Options

• According to Mortgage Insider, if both spouses are on the mortgage note, two options are available to separate both spouses from the mortgage. You can sell the property and divide the proceeds from the sale based on a court order. If one of the spouses wants to retain the property and can afford the payments, the mortgage can be refinanced. In this case, the refinanced mortgage would only be in one spouse's name.
  
  

Decree Finalization

• Wait until the divorce decree if final before attempting to buy another home or refinancing your present home. Lenders often require a final decree. This is why a separation agreement covering the mortgage is important.