HOW TO AVOID COSTLY HOUSING MISTAKES DURING DIVORCE!
Divorce is a very difficult and emotional time. Emotion and finances don’t often mix well
together.
What you need most are straight forward, specific advice about how divorce affects the
matrimonial home, your mortgage and taxes making critical decisions easier.
Professional, neutral third party information can help you make more logical, rather than
emotional decisions.
A few basic questions are:
1. Who wishes to continue to live in the house?
2. Will the familiar surroundings bring you comfort and emotional security or unpleasant
memories?
3. Do you want to minimize change, for example keeping the kids in the same school in
order to minimize disruption etc?
4. Do you want to move to a new place that offers a fresh start?
All have financial consequences to your decision process:
1. What can you afford?
2. Can you manage the old house on your new budget?
3. What are all the costs involved?
4. Is refinancing possible or is it better to sell and buy again?
5. How much house can you buy on your new budget?
There are four main options available:
1. Sell the house and divide up the proceeds.
2. Buy out your spouse.
3. Have your spouse buy you out.
4. Retain Joint Ownership with one spouse living there for foreseeable future.
Circumstances warrant postponing a financial decision until a later date.
This is also largely a legal matter so you must understand the law. Also everything
needs to be agreed upon in writing.
We have extensive experience in this area and we are here to help guide you in making
the best informed decisions for you to ease your financial situation. We will also be able
to provide you with names of experienced legal practitioners. However please
understand that it is best done after an initial financial forensics first.
If you or someone you know are or have separated or are in the midst of divorce, please
give this article to them.