Five Things Divorcing Women Need to Know About Real Estate
by Ted Ricasa on Jan 10, 2014
A divorce is a painful experience, often draining in both the emotional and financial sense. An issue that can lead to major contention and confusion is the house. When deciding the fate of the family home, there are several facts that women need to know. In this article we discuss five things all divorcing women need to known regarding real estate.
1. A foreclosure can affect both credit scores:
Following a divorce, the home may be awarded to one spouse, or a divorcing couple may reach an agreement where one spouse takes over the mortgage. However, women need to understand that if the spouse paying on the mortgage falls behind or the house is foreclosed on, this will affect both you and your spouse’s credit score.
2. Fighting for a home can hinder your financial future:
In many cases, a spouse may be unwilling to sell or give up the home. Of course, in court you can fight for the house. However, Fast Home Help advises people to carefully consider the full financial burden of fighting for the home. In addition to legal fees, you will now have to cover insurance, repairs, and mortgage payments on your own. Always consult with a real estate or financial expert before battling for the house in court.
3. Even if the house is in your name, you can’t sell it during the divorce:
Even if you own the home or the mortgage is in your name only, filing for divorce means the state prevents you from selling property or moving assets. Even if the house is yours, it will become part of the divorce proceedings.
4. Using a realtor to sell your home may not be the best route:
Following a divorce, most couples simply decide to sell the house. Now, there are two popular options: Sell through a realtor or with a short sale. Many people choose a realtor, assuming they will receive more for their home. However, this process can be slow, with your home sitting for months, possibly even years, while you continue to pay the mortgage. A short sale nets you the amount owed and allows you to sell the house cheaply and quickly.
5. If possible, you should create a settlement on the division of property:
We understand that divorce is a difficult process, with a lot of pain and emotional conflict experienced by both sides. However, before the process even reaches the court, Fast Home Help recommends reaching a settlement on the division of property. By deciding what you want together before speaking with the judge, you have a greater say in what happens to your property.
About Fast Home Help: Our real estate professionals at Fast Home Help will provide you with the information you need when you need it most. To learn more about the value of your property, request a free, no-obligation Property Privacy Audit™ today.