Going through a divorce is hard at the best of times, but the current economic climate presents new problems – particularly if the family home has an associated mortgage.

So what do you do if you have a joint mortgage with your now ex-partner? It’s not always clear but with almost four in ten marriages ending in divorce, the problem of what to do with a property bought on a joint mortgage is now a fairly frequent one. Use our quick guide to give you some basic information about this, but remember to always get advice specific to your circumstances.

The first issue surrounds the partner who wishes to remain in the property, let's call her Jordan. Jordan will have prove to the lender that she is capable of covering the mortgage payments on her own, without the help of her ex, Peter. This is really important, because the lender is under no obligation to remove Peter from the mortgage deed unless Jordan can demonstrate to the lender that she can afford the repayments alone. And the lender will assess Jordan as if she were a new applicant, and decide whether the mortgage is affordable on her income alone.

Unsurprisingly, this is where many cases fall down, as not all lenders will take into account things like maintenance payments and Working Families Tax Credits when judging the applicant's affordability.

Even if Jordan can afford the current mortgage on her own, she may also need to request a larger loan in order to buy out Peter’s equity in the property, if she does not have sufficient savings. Again, the lender can refuse to lend this sum, if it decides Jordan could not afford a larger mortgage.

If the lender does agree, a 'transfer of equity' - alternatively known as a 'transfer of mortgage' - will need to take place. The good news is that your current mortgage deal can usually stay in place. In order to buy out your partner's share of the property, you'll have to get a valuation. This may be done on a drive-by basis, rather than a physical survey, though there is a financial sting in the tail, as a full valuation fee will most likely be charged.

An alternative option is to simply re-mortgage, particularly if your mortgage is free of any early repayment charges, as the transfer can take place at the same time. You would still face the costs of the 'transfer of equity' - which is generally around £200 plus VAT at the moment but re-mortgaging is likely to be quick. Survey and other re-mortgage fees would be as with other re-mortgages.

The final option is that of a guarantor mortgage, which would require you to find somebody - most likely a parent or sibling - to guarantee you will be able to meet your mortgage payments. Then, if you don't meet your payments, the lender could start proceedings against your guarantor to recover your debt from them.

As always when your financial circumstances change for the worse, it is vitally important to speak to your lender as soon as possible. They should be able to talk you through your options and advise on the next course of action. Lenders are becoming more sympathetic to divorce cases, and may provide a temporary payment holiday while you sort through the situation. It may also help your case if you have drawn up a full budget to demonstrate you can afford the extended mortgage repayments.

Of course, the person leaving the family home also faces a dilemma - where to live. To help address this, some lenders have taken the step of offering specialist post-divorce products.

Mac Kotecha (FCA) is a Chartered Accountant and Chartered Financial Planner who deals exclusively with dentists and has been established for over 27 years. His company offers Accountancy, Taxation & Payroll services in addition to invaluable advice on practice management, buying/setting up a practice and other dental issues.

Contact him on 020 8346 0391 or go to www.specialistdentalaccountants.co.uk to learn more.