I Want A Divorce
No one ever enters into a marriage with the idea of divorce, but it happens. It’s Life, and it’s hard. Quoting economist and author Thomas Sowell, “Life does not ask what we want. It presents us with options.” It’s the options you select that will dictate how you get through a divorce and on with your best Life.
Focus on the core concerns. Keep in mind the more two people can agree on issues and resolve together, the less spent on attorneys. Do you need an attorney to itemize who gets the silverware or the TV? Use attorneys to settle real legal issues. On that note, always consult your attorney on any legal matters.
A quick tip:
When a person is going through turmoil and emotional duress, such as divorce, it may be best to express things to a neutral party such as a therapist. Yes, therapists get disrespected for their work. The therapist charges a cheaper hourly rate to hear your vexing. Much like your attorney, a therapist is also protected under confidentiality laws.
For many couples, the biggest asset to resolve in a divorce is the house. Over a third work together for one of them to keep the house. The remainder finds ways to dissolve the ownership of the property. Keep in mind if assigned the loan, you are equally responsible regardless of who repays what share of the loan. Even a quitclaim to the ex-spouse doesn’t necessarily relieve you from that loan.
Acrimonious and contentious proceedings can leave the house in a foreclosure situation. A foreclosure will ruin your credit rating for roughly ten years when obtaining loans. Even simply renting an apartment requires a credit check. In some cases, when applying for specific job positions, you may need to disclose a foreclosure. Other than the winning buyer, neither side in a divorce win with a foreclosure. The goal should always be to avoid foreclosure.
Let’s discuss your options on the house for a win-win situation.
Your house is supported with two incomes. You may want to consider selling the home. Selling earlier relieves stress while reducing a financial burden. In some cases, it makes the divorce proceedings move along much quicker and easier.
You have substantial equity or owe nothing on the house. It may be advantageous to sell your house. You’re going from one home to two homes, and in most cases, children are involved. How nice would it be for both parents to have equally acceptable places for children to stay? If there are no kids involved, both sides can take their portion of the equity and move on with starting over. You have options!
One spouse decides to keep the house. The house has too many sentimental memories for you to let go of. The children only know of this house. Your lifestyle and friendships are tied to that address. Have you delved into what it would take to keep this particular house? If you’re collecting child support or alimony and using it to own the existing property, what happens if the supporting spouse loses or gets layoff from work? Suppose the money slows or stops due to a medical issue, then what will you do? May it make more sense to move and live within your means? Most people find that pushing beyond their comfort zone turned out to be the event that made all the difference in their lives. “Fortune befriends the bold.” Emily Dickerson
We’re holding onto the house because the market is down. Does this plan ever work out for everyone involved? Are you splitting the expenses and maintenance costs? Is one ex-spouse trading their labor for costs? What happens when the ex-spouse decides to move on and not fulfill their end of the agreement? Now home maintenance becomes deferred and thus requires too much money to fix correctly. When the market heats up, buyers now view your house with lots of deferred maintenance and needed updates commanding lower offers. The very thing you tried to avoid by waiting and timing the market.
Sitting down with a. real estate agent specializing in divorce proceedings in Central Massachusetts can help you design the right plan of action acceptable to both sides. Imagine the relief of delegating this stressful issue to an experienced, trusted real estate agent who brings you the solution and not the problem. It doesn’t have to be a zero-sum game.
Call Team Molet today for a confidential discussion on all your options of navigating a home sale during divorce.