One of the most significant financial decisions homeowners face when divorcing is what to do with the home and real property. Agreeing on how to handle the mortgage and the house can be a challenge. Especially, without proper guidance from a Certified Divorce Lending Professional (CDLP™), like Mathius ‘Marc’ Gertz.
Depending on circumstances, options are available, such as how the couple financed the property and the vesting of ownership. Other aspects to consider are which spouse will remain in the home, the amount of available equity in the property, credit rating, and accessible income sources for the borrowing spouse.
It is always better to err on the side of caution and avoid making simple mistakes in a divorce because it can be very costly. One way to accomplish this is by working with a Certified Divorce Financial Analysts (CDFA) and a Certified Divorce Lending Professional (CDLP™). Mortgage financing during the divorce process requires an expert team who understands how words and phrasing in a settlement agreement can help or hinder the financial uncoupling.
Here are a few more common financial mistakes:
Marc has 36 years in financial services and 6 years in teaching.
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