4 Things To Know
Property Division is final once the Judge has signed off in a court of law. What that means for you is that any mistakes that are made regarding the value of the house, and the subsequent negotiations with your spouse, cannot be undone...at least not easily, quickly, or cheaply, if at all. It is imperative that both spouses work with impartial RCS-D trained professionals, such as myself and team members, before mediation to uncover potential issues related to the marital house. Whether you intend to keep the house or sell it, let us help you determine the true picture of What You Own vs. What You Owe.
Protecting both spouses' credit score during the divorce process is one of our top priorities. Whether known or unknown, credit issues pre and post- divorce can significantly impact both spouses financial futures if not properly addressed prior to mediation. Part of my team includes an RCS-D trained mortgage professional, who, through a free divorce mortgage consultation, will be able to assess the potential for refinancing the marital home if one of the spouses intends to keep it. If the house is to be sold, the consultation will determine the future home ownership eligibilty for both spouses post-divorce.
Protecting both spouses future home ownership eligibility is another key component of the RCS-D mantra. Scary Stories evolve when unknown circumstances impact one or both spouses after dissolution of the marriage. These circumstances can lead to damaged credit, foreclosure, or bankruptcy. Our program is designed to ferret out conditions that can undermine your best intentions during the mediation process and eliminate catastrophic surprises that can haunt your financial future for years.
Because the house is usually the largest marital asset, most divorce negotiations center around a division of the house's equity. The appraised value minus the current balance on your mortgage statement does not necessarily equal your house equity. Title issues, liens, lines of credit, unexpected maintenance expenses, and unknown mechanical or structural issues subtract value from the house and/or eat away at perceived equity. Knowing the true condition and value of the house must be done before negotiations are finalized because the Judge will not save you from your own bad agreement after the fact.
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Divorce Real Estate - You Don't Know What You Don't Know.