Divorce: What You Need to Know About Your House, Your Mortgage and Taxes
When a relationship isn’t working anymore and a couple decides to get a divorce, one of the major things they have to deal with is their property, like their home. There are a lot of different things that should go into the decision making process including what happens to an existing home.
Hence, in the 19th episode of How’s the Market: Real Estate. Real Answers, Nancy Braun is joined by Laurie Baker from Baker Law and Wes Pruitt from Reliance First Capital to talk about all the things you need to know about your house, your mortgage and taxes before a divorce. This also includes the four basic housing options when you’re in the middle of a divorce.
Highlights from the show:
It is important to be proactive in communicating with your own divorce attorney in bringing these types of issues up. – Laurie Baker
Credit is critical in the decision making process as far as the lenders are concerned. Divorce is typically one of the biggest issues that we see cause credit problems whether it be on their mortgage or credit cards or car payments. Typically, anytime someone has gone through a divorce at any point, you can usually see that blip on their credit report. – Wes Pruitt
You do have to get the spouse to actually execute that deed and unfortunately, we see a lot of times where the divorce attorneys do not follow through immediately after the order is handed down to make sure that that deed is actually recorded. – Laurie Baker
One of the things if you’re going to buy out your spouse, consider whether you’re gonna be able to qualify for a mortgage if it took both of you to buy a house to buy the first one. Maybe it took both of your incomes and your credit to justify a home loan so you really want to talk to a Wes and find out if you’re going to qualify on your own. – Nancy Braun
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