When married couples get divorced, there are many things to sort out. Some things, of course, generate more controversy than others. The home the couple lived in is often one of them.

With the poor state of the housing market and widespread reduction in home values, many couples going through divorce fight over who will assume the mortgage.

The biggest risk in keeping the home after divorce is that the lender will continue assuming that both spouses are jointly and individually responsible for the payments. Because missed payments adversely affect both spouses' credit score, regardless of whether the couple forms any agreement saying otherwise, there are definite risks to maintaining a mortgage after divorce.

Another of these risks is that the spouse that moves out of the home may not be able to purchase another home, as the existing mortgage can complicate the loan application process.

There can also be risk if one spouse lives in the home and the other refinances the mortgage, because if a payment is missed, both are on the hood as the lender is not legally obligated to keep up on the latest changes in the spouses' lives.

In terms of refinancing, things can be complicated. A spouse who is willing to refinance and take on the mortgage may run into difficulties or not be able to do so. Some of the reasons for this may be poor credit, inadequate income, or negative equity.

In our next post, we'll pick back up on this topic, beginning with possible solutions for refinancing.

Source: Nasdaq.com, "How to divorce your mortgage," Marcie Geffner, January 26, 2012.