Lessons I’ve learned from helping divorcing couples separate marital property including real estate.
Divorcing spouses face unique challenges when trying to buy a new home. And while getting a mortgage after divorce may seem difficult, it is possible. However, one obstacle that could easily be overlooked is self-employed income of your former spouse.
Myth: Your ex-spouse’s self-employment income does not affect your ability to qualify for a mortgage. After all, you aren’t married anymore, right?
Tanya and her husband Gary had … Continue reading
When going through a divorce, marital debt is split up. The way you go about it could cause you trouble down the road.
Most often when couples are going through divorce, money is involved – both assets and debt. The main money focus is on the assets such as the bank accounts and retirement accounts. Don’t overlook your marital debt. But just like the marital assets are split up in a divorce, so is the marital debt.
Perhaps the biggest myth … Continue reading
In the movie, War of the Roses, Danny DeVito cautions, “When a couple starts keeping score, there is no winning…only degrees of losing.” There is a lot of work involved to avoid the score keeping, not to mention to protect yourself and secure your future. But it doesn’t have to turn into the knock-down drag-out like that between Michael Douglas and Kathleen Turner.
Once you and your spouse have determined whom will be responsible for each account, the next … Continue reading
Breaking up is hard to do. And going through a divorce is an overwhelming and emotional process. It may feel like there isn’t enough time or energy to accomplish everything and it isn’t uncommon for emotions take over during a divorce while smart decisions are left to chance.
One of the most overlooked aspects of divorce is protecting your credit … Continue reading
Breaking up is never easy and going through a divorce is especially tough – even more so if you are going through it alone. It is important to surround yourself with a team who can help you navigate the many decisions ahead, primarily legal and financial. (And a few good friends to lean on is always a plus!) Getting organized, protecting yourself and your assets, and creating a good strategy are key.
I run into people every day who … Continue reading