Deciding what to do with the house can be a major quandary for couples getting a divorce, particularly when they share a mortgage.
At LDSAgents.com, a qualified mortgage professional can work with you during the settlement process and can help identify many of the hurdles.
Cynthia Thompson, the founder of Divorce Planning Solutions, a financial planning firm in White Plains, N.Y., says ideally, this preparation should happen early on in the divorce process . Too often, Ms. Thompson said, people are “arguing, litigating, fighting, having no idea of the whole picture.”
When there is equity in the home, each spouse typically wants to take a share as part of the settlement agreement. But if one person wants to remain in the home, rather than sell it and split any profit, then that spouse will likely have to qualify for a mortgage on his or her own. Read more