Divorce is always a challenging time for parents and children alike. There are so many factors to consider such as custody schedules, selling or keeping the family home, splitting assets, etc. As the divorcing parents negotiate the terms of the divorce, they hopefully have the best interest of the children involved. One of the most contentious areas in divorce is finances. Many of the financial matters do not pertain to the children, but there are several that are directly related and managing … [Read more...]
Qualifying Income Issues in Divorce
Although divorce rates are reported to be declining, many marriages still end in divorce. Most people know that a divorce can be emotionally draining, but they don’t always realize how financially draining a divorce can be on both parties. One of the biggest decisions to make while going through a divorce is what will be done with the family home. This is not just a financial decision, but also can be an emotional and logistical decision as well. Do children need to be kept in the same … [Read more...]
Refinance and Owelty Liens
In many divorce situations, one of the most important and emotional decisions is which party will keep the marital home. In some cases, both parties agree to sell the home and divide the equity. In other cases, one spouse decides to keep the home and then needs to buy out the other spouse’s equity. In order to do this, the spouse keeping the home will need to refinance. The refinance will not only allow the equity buyout, but it will also remove the exiting spouse’s name from the note and … [Read more...]
