For most people, the divorce process is emotionally draining and mentally exhausting. Many people describe it as a time of being frozen, numb, or moving in slow motions. Despite that emotional and mental trauma, you will be expected to go through your finances with a fine-tooth comb to ensure that your settlement agreement is fair and equitable. With divorce brain, that’s easier said than done! Even if you feel like you are clear headed, here are a few of the most common money mistakes to … [Read more...]
Divorce and Rising Interest Rates
Divorce already takes an emotional, mental, and financial toll on the family. The current real estate market has added to that with increasing interest rates, declining house prices and diminishing values in certain asset accounts Nationwide, there’s a shortage of available houses – especially at lower price points – compared to the number of would-be homebuyers. For a while, there was tons of talk of offers being made above asking, inspections being waived, no contingencies, bidding wars, … [Read more...]
Divorce and the Family Home
Divorce is a time of emotional and financial stress for the entire family. The first and most important decisions revolve around the children and custody if applicable. The next most important discussion is how to divide equity in the family home and whether it will be sold or retained. First, if neither party wants nor is able to keep the family home, it should be listed for sale. A realtor can represent both parties and should be someone experienced in divorce and real estate. The most … [Read more...]
Finance and Children
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 school … [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...]
