CHAPTER 2 Semper Paratus
The United States Coast Guard's motto is "Semper Paratus", which is Latin for, "Always Prepared". In a divorce, you need to be prepared for anything. All the usual tricks and tactics your ex has used on you in the past will rear their ugly heads again, along with a variety of new, "unwelcomed guests". Step one in successfully handling the disposition of the family home in a divorce is to have a clear understanding of your financial standing. Knowing your precise financial situation throughout the emotional turmoil of divorce will keep you from making snap decisions that could severely impact your financial position. In difficult situations like these, it is essential to delay the momentary gratification that often comes with giving your ex a piece of your mind. In situations like these where finances are involved, emotional impulsivity will be your ruination. It is crucial to know who bears legal financial responsibility for making the mortgage payments. If both spouses are listed on the mortgage agreement, they are equally obligated to the lender, whether or not their name is listed on the property title. Removing a party from a property title does not relieve the financial obligation of that party. Two signatures on the mortgage means two responsible parties. This also includes the homeowner’s insurance policy. It is important to know who is the beneficiary and if both parties are insured, so a few well placed phone calls to your trusted providers will go a long way in giving you essential information to share with your attorney and real estate professional. These, however, are the only two parties that should be kept fully, "in the know" for the duration of the process.
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