Your Home & Divorce

DIVORCE:

What You Need to Know About Your House, Your

Mortgage & Taxes!

“Once you know how a divorce affects your home, mortgage and taxes

critical decisions are easier. Neutral, third party information can help you

make logical, rather than emotional decisions.”

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Subject line: "DIVORCE" and Your Contact Info

  •  When you decide to Sell

If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in negotiations.

Use the proceeds from your previous home or buy-out to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.

How to Avoid Costly Housing Mistakes in the Midst of a Divorce

Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house. In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional decisions.The first decision is whether you want to continue to live in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories?

 

4 OPTIONS

You have 4 basic housing options

when in the midst of a divorce:

1. Sell the house now and divide up the proceeds.

2. Buy out your spouse.

3. Have your spouse buy you out.

4. Retain your ownership. It’s important for you to understand

the financial implications of each of these scenarios.

 

Sell the House Now and Divide Up

the Proceeds

- Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand

what your net proceeds will be - i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement.

Buy Out Your Spouse

- If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations, if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.

Have Your Spouse Buy You Out

- If you are the one who is leaving, you have the opportunity to start again in new surroundings

with cash in your pocket. However, be aware that if the old home loan is not refinanced, most

lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.

Retain Joint Ownership

- Some divorcing couples postpone a financial decision with respect to the home and

retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate

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Subject line "Divorce" and Your Information

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Listing Information Current As Of Oct 22, 2017 8:44:pm

Today's Market Trends for Your Home & Divorce *

$305,120

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$154.0000

-0.01%

193

-0.09%

September

August

 

212

202

 

 

0.05%

-0.12%

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* All data pertains to single-family homes