Posted on 2016 in dorviceum.com
Which Assets are most important to you in a Divorce?
Assets worth fighting for in a Divorce are but not limited to; Houses, investments (art, jewelry, coins, etc.) cars, and toys which one is most important to you?
The House is at the top of the list for most divorcees.
Why is your house at the top of the list?
It’s because of the value (equity) you may have into your home and the fact that when your divorce is final one or both of you will need to move to another house, most likely a rental until you can get back on your feet either way it can get expensive renting a house.
Just the first and last month’s rent as well as a damage deposit not to mention a fee if you have pets could add up to thousands of dollars.
You can try to buy another house but unless you have great credit you may not qualify for a new home loan based on your now single income and you might possibly have a lower credit score due to a divorce.
If you do qualify for a loan it could take two or three month for the loan to close so you’ll have to rent something anyway while you wait.
What might be even worse is you have to move back into your parent’s house.
The divorce laws are different in some state than others. (Learn more about your states here)
Some states you have to split the assets in half while some states lean towards the woman and some towards the man.
Should you cash out your spouse with the equity in your house?
Even if you don’t get along with your spouse , one way is to get a second loan on the house (if you have that kind of equity built up) and will be easier to qualify for the loan if you are still living in the house or get creative and offer your spouse a Deed Of Trust for their share of the equity and make a monthly payment directly to them that way you keep your share of the investments using the interest earned to pay off the Deed Of Trust, of course It all may depend on the state that you live in or the state the house is in.
Another way might be to trade your share of the investments, give your spouse half or an equal value to their share of the house, everything is negotiable to a point.
Bottom line is never give up anything if you don’t get anything in return.
Are you willing to go the extra mile to keep your home?
What would you be willing to give up in order to keep your house?
What are your Pro’s and Con’s for keeping your house and at what cost?
Please leave a comment below.