CHAPTER 2 Prepare Yourself ourself
"Know the numbers" is a succinct and essential piece of advice, especially during significant life events like divorce. Having a clear understanding of your financial situation is indeed the crucial first step in effectively managing the disposition of the family home during a divorce. By ensuring you have a precise grasp of your financial standing, you empower yourself to make informed choices that will protect your financial position and secure your future. This emphasis on financial clarity and careful decision-making is vital for anyone navigating the complexities of divorce and property division. 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. Collecting and promptly providing your lawyer with all pertinent information related to your home, including details about home insurance, property taxes and liens, mortgage and marital debts, and marital assets, is absolutely critical during divorce proceedings. This level of preparation ensures that you are well-equipped to navigate your financial future with confidence and security. Understanding the complete financial picture, including where 7
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