An attorney called me concerned that her client, Jill*, would not be able to afford to keep the family home after divorce. Jill wanted to keep that home but the attorney believed her budget couldn’t tolerate the payment. Jill insisted that she could figure out a way to make it work on her salary as … Continue reading In Divorce, Nearly Missed Opportunity – The Mortgage Payment
A post divorce prospective client, Linda*, called me last week. She signed her divorce decree over a year earlier and is now trying to divide property and accounts. Linda was awarded the home and previously unidentified expenses have come up. She may have to sell the home as is, at a reduced value. Likely proceeds … Continue reading Deferred Maintenance on the Primary Home or other Real Estate in Divorce
When couples own a primary residence and rental properties one idea for asset division is for one spouse to stay in the primary residence and for the other to move to one of the couples’ rental homes. While this is convenient, the tax costs should be considered when valuing the properties. Section 121 IRS rules … Continue reading Converting Rental to Primary Property in Divorce
The first rule of mortgages in divorce is to define and resolve each spouses financing goals before signing a final agreement. Although every situation is unique and mortgage qualification requirements change (often), it is always true that divorcing couples must plan ahead. Here’s what you need to know. Spouses who will depend on child and … Continue reading How to Solve the Mortgage Problem in Divorce
My Today’s Alerts series highlights ideas generated in my divorce financial advisory practice. A recent newsletter to divorce lenders from the Divorce Lending Association highlighted how using the wrong appraisal form can invalidate a real estate appraisal in court – leaving you with the cost of more appraisals, more legal costs and headaches. A new appraisal … Continue reading Can using the wrong form invalidate a real estate appraisal in divorce?