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Avoiding Costly Housing Mistakes in the Midst of a Divorce
Avoiding Costly Housing Mistakes in the Midst of a Divorce
Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.
You have 4 basic housing options when in the midst of a divorce:
❶ Sell the House Now and Divide Up the Proceeds –As you work to get your financial affairs in order, make sure you understand  what your net proceeds  after a sale will be - i.e. after all selling expenses. Then you can determine what your split of the proceeds will be. The split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment and property laws in your area.
❷ Buy Out Your Spouse – This may require you meeting with a lender to determine how much you can afford based on your income and current debt. You will want to take into consideration the selling expense to arrive at a buyout amount.
❸Have Your Spouse Buy You Out – If you are the one who is leaving, you have the opportunity to start again in new surroundings with ... more

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