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Help For Divorcing Homeowners
By marionduffy | July 30, 2009
Going through a divorce is a very tough and emotional experience. Decisions regarding your house are part of this emotional upheaval. Typically your equity is calculated using appraised value less the outstanding loan balance. However, if one spouse decides to keep the house, appraisal minus mortgage does not equal equity. I have heard horror stories of damaged credit, default, foreclosure, and bankruptcy after the divorce that resulted from decisions made regarding the marital house. Many of these problems could have been prevented during the divorce, but can’t be fixed after the divorce. Even though the family home is often a couple’s most valuable asset, many divorcing couples are not doing their due diligence when it comes to determining its value. They are overlooking factors that can cause serious problems for both spouses after the divorce.
I recently completed the course work to earn the RCS-D designation as a Real Estate Collaborative Specialist - Divorce™. My intention is to assist couples during the divorce process with the necessary due diligence regarding their house. They will then be able to make an informed decision and avoid problems that could haunt them for years after the divorce.
Topics: Orange County Real Estate, Divorce |