Many Minneapolis families are dealing with the stress of "underwater" home mortgages. Owing more on your home loan than the home is worth is an unfortunate, and all too common, side-effect of a soft housing market. To make matters more complicated, many families going through property division, as a result of their divorce, are also dealing with a touchy home mortgage.

Deciding which spouse is going to keep the family home is the catalyst for heated disputes in many divorces. These days, determining who will be responsible for the mortgage on the home can be just as stressful. Thankfully, there are some ways to ease the stress associated with splitting up property and paying a mortgage.

One of the biggest risks with a mortgage under both spouses' names comes when one fails to make a payment after a divorce. Lenders often keep both names on the loan, regardless of marital status, and both individuals will take a hit to their credit rating if a payment is missed.

If the spouse responsible for the mortgage qualifies for refinancing, then they can mitigate some of the problems that can result from post-divorce mortgages. This is considered one of the simplest solutions to the problem.

However, not all people can qualify for traditional means of refinancing, but that does not mean they are out of options. There are federal re-financing assistance programs and many banks offer a variety of loan products, just to name a few alternatives.

A final option to consider is selling the home. Of course, this is probably the most difficult option to choose, because a home holds so many memories. Yet sometimes is best to remove emotional attachments from a decision and determine what is best from a financial standpoint.

The biggest point is that a divorcing couple dealing with a tricky mortgage is not without options. There are measures that can be taken to make sure their divorce resolves amicably and financial situation stabilizes. Seeking the advice of a knowledgeable legal professional may help couples dealing with divorce, and subsequent property division, streamline the process.

Source: NASDAQ, "How to divorce your mortgage," Marcie Geffner, Jan. 26, 2012