Divorce and what to do with the Family Home

When going through a divorce, some couples find that it desirable for one spouse to keep the family home. In such case hire family lawyers to settle down this issue. After all, the kids are comfortable living there and staying would save the expenses and hassles of moving. For other couples, however, it is too much of a financial burden for one partner to keep the house.So it is better to ask about divorce mediation process in Maryland to avoid the risks.Fortunately, there are options and tips for both types of couples.

If One Spouse Wants to Keep the House

If one spouse would like to keep the home, the first thing to do is to make sure that he or she can afford it or can approach the divorce attorneys in Jonesboro to know more options available that helps them in clearing up their financial crisis. Some spouses may be able to get a loan based on their individual income and assets. If there is enough equity in the home, the spouse can use it as collateral for the loan to buy out the other spouse.
If the house still has a mortgage, spouses who decide to stay in the house should refinance the loan in his or her own name and take the other spouse’s name off the loan. This way, the spouse moving out is freed from the loan’s obligations.

If Neither Spouse Wants the House

Sometimes for financial or personal reasons, neither spouse wants to remain in the house. The best thing to do in this case is to sell the house. While waiting for the house to sell, it is important to keep up the mortgage payments to maintain good credit.

If one spouse alone cannot afford the mortgage payments, he or she can work out an arrangement in the marriage settlement where the other spouse will contribute to the payments and be reimbursed once the house sells.
Couples who are already in financial trouble and cannot keep up with the mortgage payments may consider a short sale to get the house off their hands. This is where a lender agrees to allow the house to sell for less than the value of the mortgage. Sometimes the lender may not hold the couple responsible for difference between the value at which the house ultimately sells and the remaining mortgage balance.

Experts recommend that couples do not simply walk away from the mortgage and allow a foreclosure of the home, as both spouses’ credit ratings would be ruined for the next seven years. In addition, the lender may still be able to sue both spouses for the remaining balance.

Filing for bankruptcy is as important as getting the right domestic violence lawyer for hire. Instead of walking away from the mortgage, filing for bankruptcy can be a better option. In many cases, this allows divorced couples to renegotiate the debt.

Source: “Need to Sell your House in Divorce?” Divorce360.com

Divorce comes with a financial impact

Whether a divorce is amicable or contested, there will be added expenses after a divorce. For those couples that have children together, these expenses can be even higher. However, this should not deter a couple from filing for divorce with the consultation of divorce lawyers. Rather it is just better to plan accordingly. Iff there is child custody involved, then it is better to get lawyers for adopting in Nashville and get their help.

When talking about divorce there are a few expenses that automatically come to mind such as alimony and child support. You can visit an experienced family law lawyer in Indianapolis who understand the sensitivity of the issue, to help you out and give legal counseling.You can visit homepage to learn more. There is also the realization that instead of having a combine d income, each spouse will only have their own money.
However, there are other financial considerations to keep in mind. For example, let’s say a couple was saving together for retirement and putting a certain amount away in a retirement savings each month. Now, with the couple no longer being together, this means separate retirement savings. In order to continue saving the same amount each month, those who are now divorced will have to put even more aside. There are great lawyers that you can consult and you can find more about their family-related practice areas here o their site.

According to San Antonio area based divorce law firm, couples going through a divorce should also remember that their tax status will change. Typically, taxes are increased when going from married and filing jointly to a single status. Again, this is just something to be prepared for. The family issues help with litigation issues requires expertise of the right attorney that you can get in touch with here. The legal family issues should be sorted out amicably with the help of the right divorce lawyer – Gerald Tomassian.

Lastly, think about insurance. While the couple was married the plan may have been for one spouse to take care of the other as each grew older. However, after a divorce, to ensure care if needed, now is a good time to look into long term care insurance policies.

Of course, while this post may paint a grim picture after divorce, keep in mind that there are plenty of Florida residents who have gone through a divorce and are doing just fine financially. These points are not meant to scare anyone, but rather the idea is the more information the better.
Any attorney who has experience handling the many different aspects of family law can also be a great resource when it comes to making decisions that will impact the future.

Source: Los Angeles Times, “Five ways divorce will impact your finances”, Stuart Pfeifer, March 28, 2013