I will work with both you and your attorney or mediator for FREE.
Gathering relevant information documentation pertaining to your house is an essential step in determining its true value. This documentation not only aids in assessing your ability to secure loans or refinance the property but also empowers you to make informed financial decisions regarding your martial house. I offer my assistance in collecting this vital evidence “house evidence” at no cost to you, ensuring that you have necessary information, especially if you are representing yourself.
Our consumer protection-focused approach and commitment to providing valuable services at no cost demonstrates our dedication to truly helping you.
KEEPING THE HOUSE OR SELLING IT
Protect your family’s financial future and your post-divorce credit score.
While the marital home typically represents a signature portion of a family’s net worth, it is surprising that there is a lack of state-prescribed guidance specifically addressing divorce real estate, despite it being one of the most valuable marital assets. It is important to note that simply subtracting the mortgage amount from an appraisal does not accurately reflect the true equity of the house. To ensure you have a comprehensive understanding of your house’s value, it is crucial to familiarize yourself with essential real estate due diligence. By doing so, you can easily supplement evidence of your house’s value without the need for additional attorney fees and with minimal effort or cost on the part of the homeowner.
Steps to protect credit in divorce.
Divorce credit protection addresses the steps and strategies individuals can take to safeguard their credit score and financial well-being during and after a divorce. Divorce can have a significant impact on one’s creditworthiness, as it often involves the division of assets, debts, and financial responsibilities.
The importance of being aware of critical mistakes that can occur in divorce real estate.
Certainly, lack of awareness can have significant consequences:
In this scenario, it appears that during the divorce, Wife kept the house and Husband continued to have access to the Home Equity Line of Credit (HELOC) associated with the property. However, Wife later discovered that the HELOC was maxed out, with a balance of $42,000, even though she did not borrow any additional funds from it. As a result, the debt that was originally secured against the house became secured against Wife’s house after divorce.
When it comes to divorce and real estate, keeping the house can sometimes lead to unexpected losses. Here are a few examples:
- Failing to consider the long-term financial implications: Keeping the house may seem like a desirable option, but it is crucial to assess whether you can afford the mortgage payments, property taxes, and maintenance costs on your own. Failing to account for these expenses can lead to financial strain and potential foreclosure.
- Overhauling the house: It is essential to obtain an accurate appraisal of the property’s value. Overestimating the worth of the house can result in an unfair division of assets or an inflated buyout amount.
- Ignoring hidden costs and liabilities: Conducting thorough due diligence is crucial to uncover any hidden costs or liabilities associated with the property. This includes outstanding liens, unpaid taxes, or pending lawsuits that could impact the value of the house.
- Not considering future housing needs: While keeping the house may seem emotionally appealing, it is important to consider your long-term housing needs. Will the house accommodate your changing lifestyle, financial situation, or potential relocation plans?
- Failing to consult with professionals: Seeking guidance from professionals, such as real estate agents, appraisers, and attorneys specializing in divorce real estate, can help you navigate the complexities of property division and avoid costly mistakes.
By being aware of these critical mistakes and seeking expert advice, you can make informed decisions and protect your financial well-being.
LET ME SHARE ABOUT ME
Allow me to share a bit about myself. I am originally from the Midwest and currently hold licenses as a realtor and certified home stager in both Wisconsin and Arizona. Prior to embarking on my real estate career, I worked in the medical field as a Medical Laboratory Technologist and a Pediatric Nurse while simultaneously raising my family and co-owning a farming business with my ex-husband. After my divorce, I felt an elevation of passion for design and homes, which led me to a dual career as a realtor and certified home stager. I find great joy in creating and enhancing beauty and tranquility in homes, as I believe they are extensions of ourselves. Additionally, I felt a strong desire to support those navigating through divorce, which motivated me to earn my designation as a Real Estate Collaboration Specialist – (RCS-D™), specializing in Consumer Protection in Divorce & Elder Real Estate. Less than 1% of licensed realtors nationwide hold this designation.
Read MoreWe Can Help
It is crucial to ensure you are protected during property division. We will discuss property division permanence and its long-lasting effects. Property division is not just about the present; it also has implications for your future stability.
Our goal is to inform, inform, inform. Knowledge is power for anyone traveling down the road to divorce.
Our team consists of professionals such as real estate appraisers, mortgage brokers, home inspection, title, insurance and financial advisors.
