Selling When Getting a Divorce

By
Services for Real Estate Pros with EXIT Shore Realty

Divorces and relationship break-ups can really take a turn for the worst. We have intentions to make it easy with no problems but sometimes, that's not the case. No matter what, you want to protect your credit!

Steps In Protecting Your Credit:

Credit Report - Go online and obtain a copy of your credit report. The 3 credit bureaus are Experian, Transunion and Equifax.

Inventory of Your Credit - Make a list of all secured and unsecured creditors.

  • Secured Creditors are those have an attached credit for your debt. A car is an example of assets for security.
  • Unsecured Creditors are those that lend with just a promise to re-pay the money back.

Open Individual Accounts from Joint Accounts - If you both still have joint accounts, open an account in your own individual name.

Refinance or Sell Secured Assets - This is very important to separate the liability for secured assets. 

  • For example, if a car or mortgage is financed in both names, both will be responsible for the loan, no matter whose name is on the title.

New Deed - Make sure to get a new deed recorded. Ask a lawyer or title company to have this drawn up to transfer title to another person.  

Obtain a New Mortgage - You can obtain a mortgage at your local bank or a credit union or a trusted mortgage banker.

 

Selling Your Home in Delaware or Maryland

  • Establish a market value.
  • Prepare your home for sale.
  • Call John Wingate to help you buy, find or sell your home.

For any legal advice, please consult a lawyer!

 
Posted by

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John Wingate | Maryland Realtor

Salisbury Maryland Realtor   

  

Real Estate Home Network

John Wingate is a Maryland real estate agent with Exit Shore Realty in Salisbury, MD. John will be helpful with your real estate needs in Somerset County, Wicomico County and Worecester County, MD.

Comments (5)

Emilie Greenwell
ALLEN REALTORS - Lakewood, WA

Great advice for dealing with a difficult, emotional situation practically.  Thanks for sharing!

Dec 27, 2011 04:25 AM
Fred Hookham
Keller Williams - Milton, WI

John,

These are good tips. Too often, couples are in a "Divorce Now - Think Later" mode. Even if the relationship is a disaster, the financials don't have to be a disaster, too.

Dec 27, 2011 09:27 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Hi John.

That is a great advice for a very sad situation.

Happy New Year.

Dec 27, 2011 09:42 AM
Gary Coles (International Referrals)
Venture Realty International - Las Vegas, NV
Latin America Real Estate

John, Divorces are such a traumatic and difficult situation.  You have provided some excellent advice.

Dec 27, 2011 02:54 PM
John Wingate
EXIT Shore Realty - Salisbury, MD
Salisbury MD Real Estate, 302.339.5185, Salisbury, MD Homes

These are great divorce tips for Delaware and Maryland when selling a home. 

Dec 28, 2011 02:17 AM