CHAPTER 2 Be Prepared
Successfully handling the disposition of the family home in a divorce begins with a clear understanding of your financial standing. Knowing your precise financial situation amid the emotional turmoil of divorce will help you avoid making impulsive decisions that could have long-term financial consequences. It is crucial to determine who bears legal financial responsibility for the mortgage payments. If both spouses are listed on the mortgage agreement, they are equally obligated to the lender, regardless of whose name appears on the property title. Removing a party from the title does not eliminate their financial obligation. Two signatures on a mortgage mean two responsible parties. This also applies to the homeowner’s insurance policy, so it’s essential to verify who is listed as the beneficiary and whether both parties remain insured. For these reasons, it is critical to gather and promptly provide your attorney with all relevant information, including home insurance details, property taxes, liens, mortgage agreements, marital debts, and assets. The more prepared you are, the more secure your financial future will be. Understanding where every dollar is allocated will help you make informed decisions and minimize unnecessary stress during an already uncertain time. Your financial standing significantly influences whether you decide to keep, sell, or buy out the family home. Each option requires careful consideration, due diligence, and financial planning.
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