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Divorce

Divorce and Filing Your Income Tax

I met an income tax specialist at a recent networking event.  We discussed real estate and divorce and taxes.  Later in the day I received an email from him that I copied and pasted below.  It just goes to show the importance of consulting qualified professionals during the divorce process.
Hi Marion,
As we left breakfast, I […]

You Can Quitclaim Title But Not The Loan

Common divorce scenarios:

A couple is going through a divorce. One spouse wants to keep the house and agrees to make the payments.  The other spouse wants to rid himself or herself of the house all together.

or

Due to the recent decline in the market, the house has lost value and there is little or no equity. […]

Keeping the Divorce House

Many divorce specialists say that it is “never” a good idea for one spouse to keep the marital house. I disagree.  As they say, “you should never say never”. While in many cases, it is best to sell the house when you get a divorce, sometimes it actually make sense for one spouse to keep the house.
I […]

Help For Divorcing Homeowners

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 […]